Police were called to an apartment block in Melbourne's north about 9.45pm on Monday, where they found a man suffering from stab wounds.
The man, who is yet to be formally identified, was taken to hospital where he later died.
A crime scene has been established at an apartment block in Fitzroy, with police tape cordoning off parts of the walkway nearby.
Homicide squad detectives are expected to attend the scene later on Tuesday, as investigations continue.
It comes just hours after another stabbing in Melbourne's south-east, which involved an altercation between two men at a property in Clyde.
Police believe one of the men was stabbed about 3.30pm before leaving the scene in a car, which was later involved in a crash on Clyde-Five Ways Road.
He was airlifted to hospital with life-threatening injuries, where he later died.
A 27-year-old man was arrested and taken into custody on Monday.
Victoria remains at the centre of a knife crime problem, with Police Chief Commissioner Mike Bush saying he is "acutely aware" of the community's concerns.
Mr Bush told reporters in November that more than 15,000 knives, machetes and zombie knives had been taken off the streets and destroyed so far in 2025.
It comes as incidents involving machetes tripled between 2021 and 2024, with young males responsible for two in five of the incidents, according to Crime Statistics Agency data.
"I am acutely aware of how much concern knife crime generates in the Victorian community, with multiple recent incidents striking at the heart of how safe people are and how safe people feel," Mr Bush said.
A machete amnesty, which ended on November 30, saw around 25,000 weapons handed in during the program.
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