About 7.30pm, emergency services were called to the intersection of Mandurah Road and Chesterfield Road following reports that a man had been seriously injured.
Upon arrival, a 44-year-old man was located with injuries consistent with stab wounds. He was conveyed to Rockingham General Hospital, where he later died.
A vehicle believed to be connected to the incident was later located burnt out on Pitman Road in Byford.
Detectives are urging anyone who saw a blue Hyundai Getz driving erratically within the greater Rockingham and Byford areas, or who has CCTV footage or dash-cam vision relating to this incident, to contact Crime Stoppers online at www.crimestopperswa.com.au or by calling 1800 333 000. Information can be reported anonymously.