Man dead, another critical after stabbing during fight in Melbourne

One man is dead and another is in a critical condition after two men were stabbed during a fight in Melbourne's suburbs last night.

Police say there were called to a home in Station Street, Fairfield, at about 8.25pm last night after reports two people had suffered stab wounds during an altercation at the residence.

Officers found a 26-year-old man dead at the scene, while a 66-year-old man was located with life-threatening injuries and rushed to Royal Melbourne Hospital.

It is understood both men knew each other.

Police said the investigation is ongoing and have urged anyone with information to contact Crime Stoppers on 1800 333 000.