According to the City of Westminster Police, officers responded to reports of a stabbing in Oxford Street at 7:19pm.
One male, believed to be in his 20s, was found with "multiple stab wounds".
His condition appears to be life-threatening as he receives treatment in hospital, according to the Metropolitan Police.
In a statement the Met Police said: "Police were called at 7.17pm on Friday, August 13 to reports of a stabbing on Oxford Street, W1.
"Officers attended along with London Ambulance Service. A man, believed to be aged in his 20s, was found suffering stab injuries and taken to hospital. He remains in a life-threatening condition.
"A crime scene remains in place and enquiries are ongoing. At this early stage of the investigation, no arrests have been made."
Anyone with information about the incident is asked to call police on 101 or tweet @MetCC quoting CAD 6520/13Aug. To remain anonymous contact Crimestoppers on 0800 555 111."
Part of Oxford Street has been cordoned off as armed police descended on the major shopping street, close to Oxford Circus Tube station.
An eyewitness said: "I was there when they pulled up. Two X5’s and an ambulance car followed by a helicopter and an ambulance.
"Terrible."
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