Two charged over fatal Melbourne stabbing

Two men have been charged with murdering a young man in an alleged knife attack in Melbourne's CBD.

The 20-year-old from Cranbourne died in hospital after he was critically injured in a fight on Bourke Street early on Sunday morning, police say.

Another man also suffered critical injuries and remains in hospital.

Early on Friday, two men aged in their twenties were arrested in raids on homes in Melbourne's west.

The 23-year-old from Seabrook and 20-year-old from Delahey were later charged with murder, affray, intentionally causing serious injury and intentionally causing injury.

The pair are due to face Melbourne Magistrates Court on Friday evening.

Police from the gang crime and homicide squads have been involved in the probe and the investigation is ongoing.

Victoria Police Detective Inspector Dean Thomas said these events shocked the community and anyone involved in knife crime would be held to account.

"There were a number of instances of young males displaying a willingness to engage in violent, knife-related crime, resulting in the death of one male and serious injury to a number of others," he said in a statement.

"Carrying knives will result in tragic outcomes for all parties concerned and the ramifications are severe and life-changing."