Cornell Perry Ashford, 24, of Goldsboro, was arrested in Sampson County Tuesday, officials said.
The sheriff's office said the stabbing happened just before 11:30 a.m.
Deputies went to the 900 block of Dollard Town Road and found a man lying outside a home in the driveway.
The victim, 26-year-old Endeavor Justen McDonald, was pronounced dead at the scene.
The sheriff's office says the investigation is ongoing but multiple people have been interviewed and a person of interest has been developed.
Deputies said two women and two men had traveled to McDonald's home Sunday. McDonald and one of the men became engaged in a physical altercation.
Officials said the second man came into the altercation with a knife.
McDonald appeared to have suffered a fatal stab wound but his body will be sent to the Medical Examiner's Office for an official cause of death.
Ashford was taken to the Wayne County Sheriff's Detention Center under no bond for an open count of murder.