According to police, around 10:45 p.m. the men, ages 47 and 44, stepped outside after an argument in a home in the 600 block of West Division Street when another man stabbed the 44-year-old in the arm and the 47-year-old multiple times in the arm and back.
Police said a 43-year-old man who fit the description given by one of the victims was taken into custody on Division Street near the scene of the stabbing.
RAW VIDEO: Man taken into custody after argument turns physical in Old Town stabbing
According to police, both stabbing victims were taken to Northwestern Hospital in critical condition but have now been stabilized.
Police said charges are pending against the 43-year-old suspect.
All three men appear to know each other, according to police sources.