The suspect was arrested shortly after 3am. According to police, the victim was born in 1989. Both men were known to the police.
The stabbing incident took place at an apartment in central Mandal, where seven to nine people had congregated for a party. Police said they were notified of the attack by one of the people who was in the apartment at the time.
Police arriving at the scene tried in vain to resuscitate the victim, who had been stabbed several times.
Police said they would begin questioning the suspect and other witnesses on Thursday morning.