Toronto police say they are investigating after two people were stabbed on the grounds of the CNE on Saturday night, leaving one man seriously hurt.

Police say they were called to the area of Princes Boulevard and Newfoundland Road sometime before 8:30 p.m. for a report that two people had been stabbed.

Police say paramedics tended to both victims at the scene. Both were conscious and breathing when emergency crews arrived.

One victim, a man in his 20s, suffered a single stab wound to the chest and was taken to hospital trauma centre in serious condition, paramedics said.

Another victim, also a male in his 20s, was taken to a local hospital with minor cuts on his arms.

Police said both would soon be discharged from hospital.

No suspect information was immediately available. The Toronto Caribbean Carnival ended in the area approximately one hour before the stabbing took place.