Shepparton Crime Investigation Unit detectives are appealing for any witnesses following an affray in Shepparton last night.
Investigators were told a group of up to four men were allegedly involved in an assault near the intersection of Middlesex Crescent and Yorkshire Crescent about 11.15pm.
It is alleged one man stabbed two men with an edged weapon.
A 20-year-old Shepparton man received a life-threatening injury to the lower body and was airlifted to hospital.
A 35-year-old Shepparton man received a life-threatening injury to the torso and was airlifted to hospital.
A 32-year-old Shepparton man was conveyed to hospital with a minor upper body injury.
A 38-year-old Shepparton man was located nearby with a non-life-threatening injury to the upper body.
He was arrested and conveyed to hospital where he remains under police guard, yet to be spoken to by police.
A crime-scene has been established, on Middlesex Crescent between Poplar Avenue and Yorkshire Crescent, with traffic diversions in place.
The circumstances surrounding the incident are yet to be established and the investigation is ongoing.
Anyone who witnessed the incident or with any information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppervic.com.au.
