An 18-year-old man is dead after a stabbing in Hamilton early Sunday morning.

It happened around 2:30 a.m. in a parking lot outside a coffee shop on King Street near Caroline Street.

According to police, the victim suffered two stab wounds to his chest when an altercation between two men escalated rapidly.

The victim was pronounced dead in hospital. He was identified by police late Sunday as David Pereira.

A suspect, 49-year-old Raleigh Stubbs, was taken into custody at the scene and has now been charged with first-degree murder, police said in a news release.

He is set to make a court appearance Monday.

Police also said they responded to a call about an altercation involving the suspect at his home earlier in the evening and are investigating whether that incident is connected to the stabbing.

Police are asking anyone with information about either incident to contact Det. Pete Thom at 905-546-3843 or call Crime Stoppers anonymously.

@Josh_F is on Twitter. Remember for instant breaking news follow @cp24 on Twitter.