The stabbing occurred at just before 4 p.m. at the Crenshaw Nursing Home on Longwood Drive, where officers found the two men stabbed, according to the Los Angeles Police Department.
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Police said the victim who died was a man in his 60s and the man who was injured is a 35-year-old.
LAPD Det. Sean Kinchla told Eyewitness News all three people involved were residents of the facility and investigators believe the incident may have stemmed from an argument.
The suspect, who was described only as a man in his 50s, has been taken into custody, though details regarding his identity were not immediately available.
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No other injuries were reported. The incident remains under investigation.