Queensland Police have launched a homicide investigation after a North Queensland man was allegedly stabbed and killed while he was walking with two women just before midnight last night.

The 20-year-old victim was allegedly killed by a man who had approached the group on a street in Ingham, north of Townsville.

Police will allege an “altercation” between the two men ended with the victim fatally stabbed in the stomach and dying about one hour later.