A man has died near Cairns after being stabbed in the chest by a woman known to him, police will allege.

A homicide investigation is under way in Babinda after initial investigations indicated about 12.10pm on Wednesday, a fight broke out between a man and a woman at a park on Harwood Drive.

A 23-year-old man was taken to hospital in a critical condition with a chest wound from Carl Mellick Park.

He was transported to Babinda Hospital where he died.

A 24-year-old Mirriwinni woman is currently assisting police with their inquiries.

Investigations are continuing.