Police responded to an incident on the 200 block of Avenue D North around 4:00p.m. and found the man in life-threatening condition.
He was transported to hospital but later died from his injuries.
The Saskatoon Police Service Major Crime Section has classified it as a homicide and members of Guns and Gangs Unit took a 40-year-old man into custody on Wednesday afternoon.
Police officials say charges are pending as the investigation continues, but they are not seeking additional suspects at this time.
Anyone with any information related to this incident is asked to contact the Saskatoon Police Service at 306-975-8300 or Saskatoon Crime Stoppers at 1-800-222-8477.