A food delivery cyclist was stabbed and robbed by three knife-wielding women in Melbourne's south-east on Monday.

The man, 25, was ambushed by the women who demanded his mobile phone and the food he was delivering as he cycled down Amalfi Drive, Endeavour Hills, about 12.30pm.

The victim complied with their demands, but he was stabbed in the hand as the trio fled.

A Dandenong North woman, 18, and a Doveton woman, 20, were arrested a short time later.

Both women are being questioned by police. A third woman remains on the run.