A major investigation is underway after an alleged violent stabbing and arson attack on Sunday.

Emergency services were called to a residence following reports that two people had been stabbed and a structure was on fire at Cascade St in Ipswich, southeast Queensland, about 4.30pm.

Queensland Police alleged a heated argument between a group of people known to each other broke out into a violent altercation.

A boy in his teens suffered critical wounds to his abdomen and was rushed to Queensland Children’s Hospital in a life-threatening condition.

A woman, aged in her 50s, suffered stab wounds to her chest and hands and was taken to Mater Hospital in a stable condition.

The alleged knifeman also set fire to a home on the street, which firefighters were able to bring under control.

He was arrested and is assisting police.

‘There is no ongoing threat to the community and investigations are ongoing,’ a Queensland Police spokesperson said in a statement.

‘There is no further information available at this time,’ the statement said.

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A woman and teenager were stabbed an a house was set alight in Ipswich (above) on Sunday night

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The teenager was left in critical condition and rushed to Queensland Children’s Hospital