A 15-year-old boy has been arrested over the fatal stabbing of another teenager at a basketball venue in Melbourne.

Emergency services were called to Eagle Stadium in Werribee on Friday about 5.50pm, with the facility evacuated shortly after.

A 17-year-old boy from Wyndham Vale was rushed to hospital in a critical condition where he died. The 15-year-old boy was arrested and is being questioned by police.

Detectives have shut down Eagle Stadium and established a crime scene guarded by several uniformed officers.

The venue said basketball games which had been scheduled for Friday night had been cancelled and the venue is closed.

One witness, whose daughter was playing a basketball game at the venue, said he saw a man run out of the stadium holding a knife.

'I turned and saw a man bolting with a knife in his hand, it was really scary,' he told The Herald Sun.

'I think there needs to be more security at the courts as there have been a lot of fights here and in the area in recent months.'

Another witness whose daughter had also been playing at the stadium said she was especially concerned as there were games for children as young as under-8s going on.

'I think security need to do checks at the door. It's really concerning that you can't even feel safe to take your kids to a junior basketball game.'

Anyone with information on the incident is asked to Crime Stoppers on 1800 333 000 or via their website.