Police were called to an apartment block at Fitzroy in Melbourne's north about 9.45pm on December 22, where they found a man with stab wounds.
The 43-year-old died shortly after being taken to hospital.
Multiple warrants were executed on Friday at properties on the same street as the apartment block, before a 23-year-old man was arrested and interviewed.
He has since been charged with murder and will appear before Melbourne Magistrates' Court on Monday.
Police allege the men were known to each other.
The incident occurred in the same suburb where a drive-by shooting unfolded overnight on Saturday, leaving a young man dead while others remain on the run.
Detective Acting Inspector Brett Meadows told reporters an officer was working at a police station nearby when he heard two gunshots and rushed to the scene.
He found the victim, described as a young man, suffering from a gunshot wound, who later died.
"When shots are fired from a moving vehicle it certainly appears to be targeted," Det Acting Insp Meadows added.
Police are appealing for information to help identify two people captured in CCTV footage, as well as another man seen next to the victim at the time of the attack.
A crime scene was established, then cleared by Saturday afternoon.
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