Police were called to Meadow Road in the town of Rugby in Warwickshire shortly after 6pm on October 31, following a report a man in his twenties had sustained suspected stab wounds.
Emergency services attended and the road was cordoned off, with police posting an announcement that there had been a serious assault.
The victim was pronounced dead at the scene and his next of kin have been informed.
A 16-year-old boy and a 17-year-old boy, both from Rugby, have been arrested on suspicion of murder and they are currently in police custody.
Det Supt Jon Marsden of Warwickshire Police said: "An investigation has been launched and we are currently working to establish the circumstances of the man's death.
"We understand this will be concerning to the local community and officers will remain in the area to conduct enquiries and provide reassurance."
Police would like to speak to anyone who witnessed the incident or any activity in the area this evening.
Anyone with information is asked to call 101 quoting incident 376 of 31 October 2019.
This story first appeared on our sister title The Rugby Advertiser.