A man has died after he was stabbed at a house in Hastings on the Mornington Peninsula on Sunday evening.

Police said emergency services were called to the address at 7.45pm after reports that a man had been stabbed with an unknown object.

The 43-year-old victim, from Hastings, died on the way to hospital.

A second man, aged 46 from Hastings, was arrested at the scene. He is assisting police with their inquiries.

The two men are known to each other.

Anyone with any information to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppersvic.com.au.