The violent altercation broke out after a gathering at a home in Ormond in Melbourne's southeast about 1am on Sunday, police say.
A Noble Park man, 30, died while a second aged 22 and from the same suburb, suffered serious injuries.
On Monday, homicide squad detectives revealed a search was in progress for brothers Abhijeet Abhijeet, 26, and Robin Gartan, 27, as they released their identities to the public.
The brothers were last seen in the Ormond area just after the stabbing.
Detective Inspector Dean Thomas said it was believed the pair were travelling in a stolen 2014 white Toyota Camry carrying registration plates 1ZO 2QW but it was unclear whether they had split up or remained together.
Police believe the brothers were travelling in a stolen white Camry. (HANDOUT/VICTORIA POLICE)
He said the two victims of the attack were called to the shared accommodation by a woman concerned about aggression and drinking at the property.
The injured man is married to the woman, while the man who died was his friend.
A weapon was found at the home and will be forensically tested.
Insp Thomas said the brothers, who are on a student visa and a bridging visa, could be a flight risk and appealed for them to contact investigators.
Anyone with information about their whereabouts or sees them has been asked not to approach them and instead call triple zero.
"It's very concerning when people decide to use knives in a fight or an altercation, call it what you will, it's totally unacceptable," Insp Thomas said.
"Of course, we're very keen to get hold of these two as quickly as we can so we can interview them in relation to what has occurred."
Victoria Police issued a statement describing the men as being of Indian descent with solid builds and black hair.
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