One person has died after being stabbed Friday night during an altercation at a banquet hall in Etobicoke.

Shortly after 9:30 p.m., Toronto police were called to an industrial area in Rexdale, near Highway 27 and Steeles Avenue West, for reports of sound of gunshots.

At the scene, investigators said they learned that there was victim at a hospital with stab wounds and that “it’s related to whatever happened at the banquet hall,” Const. Laura Brabant told CP24.

The victim's injuries were initially determined to be life-threatening. That individual, whose identity is not being released at this time pending notification of next of kin, died in hospital, police said.

“And then sometime during all of this investigation, officers arrested one person and recovered a firearm,” said Brabant, who could not confirm where the arrest was made and where the firearm was found.

Investigators at the scene later told CP24 that 10 to 15 shots were fired and are canvassing area hospitals for possible shooting victims.

In an update, police said an additional victim admitted themselves to another hospital following the incident. However, it's unclear what caused their injuries, which police said were non-life threatening.

One person who was inside the venue told CP24 that he heard several gunshots.

“Two times I heard, pop, pop. What I thought it was a balloon,” he recounted.

“But after I heard a third and a fourth one, I realized I had to get down flat and try to be safe.”

He said there was a celebration of life event for his friend, and there were about 50 people when shots were fired.

The homicide squad is now handling the investigation, which is ongoing.

The scene remains active, and police are canvassing the area for witnesses and “processing details,” they said.

Anyone with further information is asked to contact police at 416-808-7400, or Crime Stoppers anonymously at 416-222-8477 (TIPS) or www.222tips.com.

With files from CP24’s Bryann Aguilar.