A 36-year-old woman is in custody after a 60-year-old man was reportedly stabbed in a parking lot in Hamilton late Sunday night and later died.

Hamilton police were called to a parking lot outside the Big Bee convenience store at Wentworth Street North and Cannon Street East just after 10 p.m for reports of a person suffering from injuries.

The victim was found on the ground beside his vehicle suffering multiple stab wounds.

He was rushed to hospital where he was later pronounced dead.

Police were seen cordoning off a black Hummer H1 parked in the lot.

"The incident did happen in the parking lot, the exact timeline I can’t speak to right now," Det. Sgt. Steve Bereziuk said during a news conference on Monday morning. "It is evidence but we’re also still reviewing that. Right now we are in the process of gathering video in the area and still canvassing the area as well for more witnesses if there are any," he added.

On Monday, police identified the victim as 60-year-old Zoran Benasich, of Hamilton.

Investigators say a female suspect was arrested shortly after the incident near the scene.

"She did make an attempt to leave however the responding patrol officers were quick on their response and were able to arrest her without incident," Bereziuk said.

Police identified the suspect as 36-year-old Melena Pheasant, of Hamilton.

Pheasant has been charged with one count of second-degree murder.

No other suspects are wanted in connection with this investigation, police said.

Bereziuk said the victim and suspect have "known each other for some time" but their exact relationship is still under investigation.

According to police, this case is considered an isolated incident and the motive is unknown.

Bereziuk added that the suspect is known to police.

Pheasant is expected to appear in court on Monday.