Police used stun grenades to storm a flat where a knifeman was attacking two women on Wednesday morning, West Midlands Police said.
A woman thought to be aged in her 30s died at the scene in Leasowes Drive, in the Merry Hill area of Wolverhampton.
The male suspect, also believed to be in his 30s, died a short time later, police said.
A second woman, aged in her 50s, is critically ill in hospital with stomach injuries and a police officer received minor injuries in the operation, a spokesman said.
A police spokesman said: “Police were called to a block of flats in Leasowes Drive, in the Merry Hill area of the city, at around 9.45am where it is believed a man attacked two women before inflicting stab injuries on himself.
“Officers used stun grenades as they stormed the flat in a bid to distract and detain the knifeman.”
Three air ambulances and three land ambulances were sent to the scene, West Midlands Ambulance Service (WMAS) said.