Ambulance staff were called to Woodgate Gardens, Bartley Green, in Birmingham, at about 22:50 BST on Monday, West Midlands Police said.
The man was taken to hospital and died shortly after, a police spokesman said.
The two have been arrested on suspicion of murder following the death of the 22-year-old man, and remain in custody, police said.
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The area was cordoned off for forensic investigations and CCTV of the surrounding area is also being examined.
Det Insp Harry Harrison said: "We are making real progress in the investigation, I'd like to thank the community for their continued support and ask that anyone who has any information who hasn't yet come forward gets in touch as soon as possible."
A 16-year-old boy and 21-year-old man have been arrested after a man was fatally stabbed.