Tasmania Police detectives are currently investigating the suspected murder of a 49-year-old man at a residence in Wallace St, Bridgewater in the early hours of this morning.

He received knife wounds and was pronounced dead at the scene.

A 34-year-old man was taken by ambulance to hospital and treated for knife injuries. He was arrested and remains in custody.

A third man was also treated at the scene for minor injuries.

Police were called to the incident at 12.55am.

Police and Forensic Science Service Tasmania remain on scene this morning.