Around 3:30 a.m. on Sunday, emergency services received a call about an incident outside the Tibetan Canadian Cultural Centre on Titan Road, near the intersection of the Queensway and Islington Avenue.
When paramedics arrived to the scene, they found a male victim with a stab wound to his torso.
He was rushed to a trauma centre, an official with Toronto EMS said, and died of his injuries.
Peel police found a man believed to be a second victim in the stabbing during a traffic stop near the Queensway and Dixie Road in Mississauga.
He was taken to hospital.
Police have blocked off the area in front of the cultural centre for the investigation.