'Tragic Incident': Man Stabbed To Death At Bondi Junction

A man has died and another is in a serious condition under police guard in hospital following an altercation in Sydney's eastern suburbs.

Police said the two were involved in an "incident" at Sydney's busy Bondi Junction during which both sustained stab wounds.

Emergency services were called to the scene  on Oxford Street near Vermon Street, just after 8pm on Saturday, following reports a man had been stabbed several times.

A 60-year-old man was assisted by witnesses and given CPR by police and ambulance officers, but was unable to be saved.

A younger man in his 30s was also injured and was arrested before being taken to St Vincent's Hospital.

He underwent emergency surgery and now remains in a serious condition in hospital under police guard.

Police are urging anyone with information who may have witnessed the event to contact police.

"Last night was a very tragic incident only a couple of days out from Christmas, which is undoubtedly going to affect two families for the rest of their lives," officer said on Sunday.

Officer said they were still investigating the events which led to the incident and were unable to confirmed whether both men were armed at the time.

Police said they do not yet know whether the two men were known to each other.