A man is fighting for life after being stabbed in the neck during a street fight in Balaclava on Saturday night.

Police say that a 46-year-old Caulfield man was injured during an altercation outside a hotel in Camden Street  at about 7.50pm.

Investigators are looking for a man who is believed to have fled the scene.

One man, 41, has been arrested.

The injured man was taken to The Alfred hospital in a critical condition.

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