Toronto police are investigating after two people were stabbed in an early morning incident in Parkdale.

Both victims were transported to hospital with "wounds," say police. One, a man in his 50s, suffered life-threatening injuries, while the other suffered minor injuries.

Police say one person was arrested at the scene and is being brought to 14 Division headquarters.

The stabbing took place near the intersection of Queen Street and Dunn Avenue in Parkdale.