Emergency services were called to Karril Avenue in Beecroft just after 4.30pm following reports of an assault.
When they arrived, they found a 25-year-old man with stab wounds to his chest and abdomen.
He was treated at the scene by paramedics and taken to hospital, where remained in a critical condition.
About 6pm, a 21-year-old man went to Day Street police station, where he was arrested.
A crime scene has been established, with police investigating, while inquiries continue with the man who has been arrested.
No charges have been laid.
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