UPDATE (1:10 p.m.) - Police have identified the suspect as Emelio Hernandez, 43.
He was reportedly booked into jail on suspicion of assault with a deadly weapon, being under the influence of meth, possession for sales of meth, and false impersonation.
(6:59 a.m.) - Santa Barbara police are investigating a stabbing Tuesday morning.
Officers say a female stabbing victim was found on the ground at Ortega Park, near Santa Barbara Junior High School, at about 4:45 a.m.
Police say a suspect is in custody and they believe the suspect and victim, who is expected to survive, knew each other.
The incident is being investigated as an assault with a deadly weapon.
Cota and Quarantina streets are blocked off but should open by 8 a.m.
Police expect to release more information by Tuesday afternoon.
This is a developing story and will be updated as more information becomes available.