The incident took place in Safdurjung Enclave last night and the deceased has been identified as Dinesh, who hailed from Bihar and was working as a cook.
He was working as a cook at the Delhi residence of a judge in Allahabad High Court.
"He was having alcohol with friends Madan Gopal and Shravan, who also work as domestic helps," a senior police official said.
Police received a call that two men were lying in a pool of blood and a team rushed to the spot where they found Dinesh and Shravan wounded.
They were rushed to AIIMS where Dinesh was declared brought dead. Shravan is undergoing treatment.
Madan, who hails from Jharkhand, allegedly stabbed Dinesh and Shravan after a heated argument, the official said. He is absconding.