He is believed to be the 66th homicide victim in London this year, and the 41st victim of a fatal stabbing.
It follows the murders of a 24 year-old man in Barking on Thursday and 20 year-old Osman Shidane in Ruislip on Tuesday.
Paramedics were called to Upper Green East near Montrose Gardens and London Road shortly before 3.30am.
The victim, who has not yet been formally identified, was found suffering from stab injuries.
Attempts to save him failed and he was pronounced dead at the scene.
A 44 year-old man was arrested at the scene on suspicion of murder and is being questioned at a police station in south London.
London mayor Sadiq Khan tweeted: "The homicide team is investigating and they will do everything they can to bring the perpetrator to justice. My thoughts are with the victim's family."
DCI Simon Harding of the Metropolitan Police's Homicide and Major Crime Command is leading the investigation.
A 16-year-old boy has been charged with the murder of Mr Shidane after he died in hospital on Friday.
"The 16-year-old boy from Hillingdon was charged on Sunday, May 19 with the murder of 20-year-old Osman Shidane in Ruislip," said a police spokesman.
"He will appear in custody at Hillingdon Magistrates' Court on Monday, May 21.
"A 15-year-old girl who was arrested on suspicion of assisting an offender has been released on police bail."
Britain's most senior police officer recently claimed the rise in violent crime is being driven by budget cuts.
Metropolitan Police Commissioner Cressida Dick told a caller to LBC Radio: “We are definitely seeing an increase and I think there's lots of reasons for it.
“Of course I would be naive to say that the reduction in police finances over the last few years, not just in London but beyond, hasn't had an impact.
“I'm sure it's had an impact. It's part of the issue, and that's why I'm very grateful for the new money that we've got, which we are getting on and investing on recruiting new people and I think it will help.”
Official statistics have revealed a 44 per cent rise in homicides in London and a 22 per cent rise in knife crime across England and Wales.
There were 157 homicides – including both murders and manslaughters – in London in the 12 months to April compared to 109 the previous year.
The Metropolitan Police's own statistics show a rise in murders from 101 to 153 over the same period.
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