Emergency services were called to West Road at around 9.45pm on Sunday night to reports of a stabbing.
A man, believed to be in his late teens, was treated by paramedics at the scene after being found seriously injured in the street. But despite the best efforts of the emergency services, he was confirmed dead at the scene.
An 18-year-old man was detained nearby and taken to hospital with an injury. He will be questioned by police in due course.
Detectives from West Midlands Police are working to establish the circumstances of the incident and have appealed for witnesses to come forward.
Detective Inspector Hannah Whitehouse, from our homicide team, said: "A young man has tragically died and we will be doing all we can to work out exactly what went on last night [Sunday].
"We believe there were a number of people in the area at the time, but left before speaking to officers. We need them to come forward and tell us what they saw."
A spokesman for West Midlands Ambulance Service said: "When crews arrived, they found a man in a critical condition.
"Staff worked quickly to carry out advanced trauma care to the patient, but sadly despite the best efforts, nothing could be done to save the man and he was confirmed dead at the scene.
“A second patient, also a man, was treated for serious injuries at the scene before being conveyed to hospital on blue lights and sirens for further treatment.”
Four ambulances and three paramedic officers attended the scene.
Anyone with information can contact West Midlands Police by calling 101, and quoting log number 3871 of March 7.
Alternatively witnesses can call Crimestoppers anonymously on 0800 555 111.