Two men have been critically injured in a stabbing near Toronto's waterfront.

Toronto police said they were called to Remembrance Drive and Lake Shore Boulevard West at 7:40 p.m. for a stabbing.

Officers located two men with stab wounds, both "critical," Sgt. Sean Cassidy told CP24. The two were subsequently transported to the hospital.

Cassidy said the men had also been placed under arrest.

"We believe that the two people we have in custody were the two people involved in the altercation," he said.

"We're just sorting out the details as to who played what role."

Toronto waterfront stabbing

No other suspects are outstanding, police said. The circumstances surrounding the incident were not immediately known.

Cassidy said officers were able to respond quickly as they were already in the area for the Caribbean Carnival Grand Parade.

"We had large crowds," he said. "We did have a large contingent of officers down here policing this detail, so we were able to get officers on scene very, very fast."

Cassidy added that several witnesses had already come forward and provided police with evidence to determine what transpired.

Anyone who saw the incident and hasn't spoken to police is being urged to contact them at 416-808-1400.