Ciaran Irvine, aged 22, was found lying in the street at Twinbrook on the outskirts of west Belfast in the middle of the night.
He had been stabbed in the back and was critically ill. He was taken to hospital but died a short time later despite the efforts of doctors.
Mr Irvine is thought to have been to a party in a house near where he was found lying in Juniper Park, and to have got involved in a row.
Police arrested the suspect soon after launching a murder inquiry. The murder followed the weekend attack on a 17-year-old youth who was stabbed in the head when he was attacked by four youths in west Belfast while walking home from a Saturday night out.
Knives are also being used in an increasing number of street muggings and robberies.
SDLP Lagan Valley Assembly member Patricia Lewsley expressed dismay at the latest fatal stabbing.
Ms Lewsley said her immediate thoughts were with the family and friends of this young victim.
“This killing has sent shock waves across the whole of Belfast what type of people can kill a young man with such brutality and force? The killer or killers must be found. I appeal to people to come forward with any information, no matter how small, to help police with this investigation,” she said.
Sinn Féin local councillor Michael Ferguson said the murder had left people in the area “shocked and horrified”.
“I have spoken to the young man’s family and they are traumatised by what has happened,” he said.