The incident happened shortly after midnight at a bar at the intersection of Cavendish Boulevard near Sherbrooke Street.
According to Montreal police, one of the suspects stabbed the victim several times in the upper body before running from the scene.
The 48-year-old man was taken to hospital, where he is listed in stable condition.
Police quickly located two suspects, a 38-year-old man and a 25-year-old woman, after talking to witnesses at the scene. The suspects are known to police.
Investigators are still trying to determine what prompted the stabbing.