Police have arrested a pair of women after a man was fatally stabbed outside a busy Melbourne pub overnight.

Officers were called to Victoria St, Abbotsford at about 9.20pm after reports a man had been stabbed after a fight with a woman outside The Bakers Arms Hotel.

When paramedics arrived they found a man aged in his 30s with life threatening injuries, he was taken to hospital but later died.

Two women from Collingwood, aged 30 and 29, were arrested by police this afternoon and are currently in custody.

Two women have been arrested following the stabbing.

Detectives removed bagged evidence from the pub.

About 300 metres of the road was blocked off by detectives.

Charges are yet to be laid.

Victoria Street, a major thoroughfare in Melbourne and also a popular restaurant strip, was reopened after being closed for several hours.

Trams were also unable to operate along the busy street as homicide detectives completed their investigation.

About 300 metres of the road has been blocked off.

The stabbing occurred less than a kilometre from the North Richmond Community Health Centre where Premier Daniel Andrews just announced a supervised drug injecting room.

City of Yarra mayor Amanda Stone told the Herald Sun this morning Victoria Street is like a "war zone" because of public drug use.

"It's felt like a war zone down here for local traders and residents," Ms Stone said.

"They're facing the consequences of public drug use everyday, picking up syringes, they’re calling ambulances and doing CPR."

The Bakers Arms Hotel.

Local trader, Van Dint, told the newspaper he was not surprised to hear of the murder because it's "a rough area" and people commonly "fight and take drugs."

"I worry, it's not safe sometimes."

Anyone with information is being urged to call Crime Stoppers on 1800 333 000.