A man has been critically injured after allegedly being stabbed in the chest during a fight in a central Queensland home.

Police said a 20-year-old man and a woman who were visiting a Station Street address in Bundaberg North were arguing about 10.30pm on Saturday when the man allegedly armed himself with a knife and threatened her.

The resident, a 38-year-old man, intervened and became involved in a fight with the 20-year-old and was then allegedly being stabbed.

The 20-year-old man also received multiple injuries, including a serious head injury.

Both men were taken to Bundaberg Base Hospital in a serious but stable condition.

Investigations are continuing.