Police said officers responded just after 11:18 p.m. on Friday to the 3000 block of Ashburn Court after a caller said a person there had a knife.
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When officers arrived, they found that two women had been stabbed. One of them, Briana Alexia Allen, 29, had already been taken to a hospital in a private vehicle. Allen later died from her injuries.
A 26-year-old woman was taken to the hospital for treatment of what police described as non-life-threatening injuries.
Investigators arrested Kanniettra Necole Smith, 43. Smith was charged with murder and assault with a dangerous weapon with intent to kill, inflicting serious injury.
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She is being held at the Wake County Detention Center.
The case remains under investigation.
Anyone who believes they may have information about this investigation is asked to visit Crimestoppers or call (919) 996-1193. Raleigh CrimeStoppers pays cash rewards for anonymous tips that help solve cases.