Bolingbrook police responded to the 100-block of South Bolingbrook Drive about 7:25 p.m. for a report of a person who had been stabbed.
When police arrived, they found the man with multiple stab wounds.
Bolingbrook police and fire crews rendered aid, and the man was taken to a local hospital in critical condition, police said. He later died.
A 22-year-old Bolingbrook man was taken into custody at the scene, police said.
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The two men knew each other, and appeared to be the only ones involved in the incident, police said.
It was not immediately clear what led up to the deadly stabbing.
The deceased man has not been publicly identified, and police are consulting with the Will County State's Attorney's Office, as the investigation continues.
Anyone with information about the incident can contact the Bolingbrook Police Department Investigations Division at 630-226-8620, or, to remain anonymous, call Crime Stoppers at 630-378-4772.
A tip can also be submitted at bolingbrookcrimestoppers.org or by using the mobile P3 Tips app.
All contact with Crime Stoppers is anonymous, and if the information leads to an arrest, a cash reward may be issued.