Homicide Squad detectives are investigating the circumstances surrounding the death of a man in Craigieburn this evening.
Police were called to reports of a physical altercation at a property on Thoresby Circuit about 6.45pm on Saturday, 25 January.
One male, who is yet to be formally identified, was located with a stab wound.
He was transported to hospital with life-threatening injuries, where he later died.
Officers arrested a 54-year-old man at the scene.
He was transported to hospital with non-life-threatening injuries under police guard.
A 54-year-old woman was also taken to hospital with non-life-threatening injuries.
Investigators believe all parties are known to each other and are not looking for any other person.
Police have cordoned off the area and a crime scene is in place.
Anyone who witnessed the incident or has dashcam/CCTV footage, or any information is urged to contact Crime Stoppers on 1800 333 000 or visit www.crimestoppersvic.com.au