Toronto police have one person in custody after a man was raced to hospital with serious injuries from a stabbing near Etobicoke's lakefront last night.

Paramedics said the victim, believed to be a man in his 50s, was taken to a trauma centre in stable condition.

The incident took place around 10:15 p.m. in the Marine Parade Drive and Park Lawn Drive area.

Police arrested a suspect less than an hour later.