One man killed, manhunt underway after fatal Melbourne stabbing

A man is dead, a teenager is in police custody and a manhunt is underway following a fatal stabbing in inner Melbourne on Sunday.

Victoria Police said the man died after suffering stab wounds during an argument at the intersection of Union and Maribyrnong Roads in Ascot Vale on Sunday afternoon.

The man was taken to hospital but died.

An 18-year-old man was arrested nearby.

Police are also looking for another suspect who they say fled the scene.

Anyone with information, CCTV or dashcam is asked to contact CrimeStoppers.