The 53-year-old man, from Gosport, died in the stabbing in Harwood Road, Bridgemary, Gosport.
Officers were called and arrested a 55-year-old man on suspicion of murder. He remains in custody.
The incident happened at 3.15pm yesterday.
A Hampshire police spokesman said: ‘We will be in the area throughout the day conducting our enquiries so if any residents have any concerns, please speak to our officers.
'At this stage we believe this is an isolated incident and there is no wider risk to the community.’
Ambulance crews attended the incident.
Forensics scene of crimes officers were seen in the street, which was taped off yesterday for several hours.