A second man was left with life-threatening injuries.

Emergency services were called to reports a man had been stabbed at a Black Range caravan park on Monaghan Road about 3.55pm.

The victim, believed to be in his 40s, was located with several stab wounds and was taken to a Melbourne hospital with life-threatening injuries.

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Police later attended a nearby Black Range address and arrested the 37-year-old man who allegedly approached officers while armed with a knife.

He was safely taken into custody and is assisting investigators with their enquiries.

Police believe both parties are known to each other.

Anyone who witnessed the incident or with information is urged to contact Crime Stoppers on 1800 333 000 or make a confidential report at www.crimestoppersvic.com.au.

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