Two men have died and another is on the run after a deadly altercation as homicide detectives try to determine what happened.

A manhunt is under way after two men died with stab wounds.

Emergency services were called to a home in Clyde North, in Melbourne’s outer south-east, just after 9.30pm on Thursday.

When they arrived they found two men with stab wounds and, despite medical assistance, both died at the scene.

Homicide detectives said they were searching for a third man who they believe fled the scene before emergency crews arrived.

They are also speaking to other people who were at the home at the time.

A crime scene has been established while detectives attempt to determine what happened. Police are yet to formally identify the men but believe they were known to each other.