Toronto police have one man in custody after another man was stabbed and a woman was punched early on Tuesday morning in downtown Toronto.

The two victims were standing on George Street, near Jarvis and Dundas streets, around 2:45 a.m.

Police believe the suspect punched the woman in the head and took her cellphone. The man fought back and was stabbed in the abdomen.

The man, believed to be in his 30s, is in serious but stable condition in hospital. The woman did not need hospitalization.

The suspect was arrested around 4:15 a.m.