The Integrated Homicide Investigation Team's Sgt. Adam MacIntosh says officers were called to a home in the central Surrey area just before 10 last night.
A 39-year-old man suffering from life-threatening stab wounds was rushed to hospital but could not be saved.
A 29-year-old man was arrested at the scene and was treated for minor injuries before being released.
MacIntosh says the incident is not random, the two men know each other, but the stabbing is not related to gangs or criminal activity and no charges have yet been laid.
It's the second homicide in Surrey since Monday night when a 32-year-old man was shot to death in what police say was a targeted attack related to an ongoing domestic dispute.