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.
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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
1 in custody, 2 injured after stabbing in Old Town, police say
According to police, both stabbing victims were taken to Northwestern Hospital in critical condition but have now been stabilized.
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Police said charges are pending against the 43-year-old suspect.
All three men appear to know each other, according to police sources.