Ballarat Crime Investigation Unit detectives are investigating the incident.

Investigators understand a 25-year-old Mount Pleasant man was driving along Lydiard Street North about 2.45am, when his vehicle was rammed by a stolen car.

Investigators are still determining what led to what happened next, but the victim was then stabbed in the chest.

The victim fled from the scene on foot and was taken to hospital with life threatening injuries a short time later.

Investigators believe the stabbing incident may be linked to the theft of two cars from across Ballarat earlier in the night.

The vehicle which rammed the victim's car was set fire to on Comb Street, Soldiers Hill, later in the morning. It is currently being forensically examined.

While the exact circumstances surrounding the stabbing are yet to be determined, investigators believe the two parties were known to each other.

The investigation is ongoing.

The offender or offenders have not yet been located.

Anyone with information that could assist investigators is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report online at www.crimestoppersvic.com.au

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