Peel police have identified the victim as Joshua Hilario.
Police responded to an address on McGraw Avenue in the Main Street and Bovaird Drive area around 1 p.m.
Officers arrived to find Hilario and his 30-year-old Brampton suffering from stab wounds. Hilario was taken to hospital in life-threatening condition and later succumbed to his injuries. His brother sustained serious injuries and is in stable condition, police say.
On Thursday, police told CBC News that one male was in custody, however, the nature of his involvement was not known.
Police are looking for as many as three suspects.