Emergency services were called to a park on Mortimer Road in Acacia Ridge around 12.10am to find a man with multiple stab wounds to the abdomen.
Despite the efforts of paramedics, the 22-year-old victim died.
The man has been identified as Bosco Minyurano.
His devastated family visited the park as police hunt down his alleged killer, who fled before authorities arrived.
A relative told 9News Minyurano was a nice and caring person who had a number of sporting achievements.
Detective Inspector Craig McDonald said Minyurano is believed to have known his alleged killer and said they were both part of a large group who had gathered at the park overnight.
“It appears an altercation has taken place and a person has been stabbed,” he said at a press conference.
“We have a number of people assisting detectives.”
A witness told 9News there appeared to be six people in the group.
“There was alcohol on the scene, they were drinking,” Taryn Loudon said.
“There’s sort of been a bit of lead up to something.”
9News understands police have identified a house of interest in their investigations.