Two men have been stabbed during a fight in Federation Square in Melbourne.

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Police arrested a 25-year-old man who stabbed two men, both aged in their 20s, during a fight on Saturday morning.

Both victims were taken to hospital with non-life threatening injuries and police say they are yet to lay any charges.

Ambulance Victoria spokesman John Mullen told The Age they were called to the scene about 5am.

“The exact circumstances of the incident are being investigated,” Victoria Police spokeswoman Melissa Seach said.

– with AAP