UPDATE (3:40 p.m.) - The San Luis Obispo Sheriff's Office has arrested a suspect involved with the stabbing in Oceano.
Deputies say the suspect is identified as 27-year-old Angel Ramos-Ramirez of Santa Maria.
Ramos-Ramirez was detained by the CHP during a traffic stop at approximately 9:00 AM on Highway 101 south of Los Alamos in Santa Barbara County.
The sheriff's office says the victim in this incident is identified as 20-year-old Daniel Diaz of Oceano.
Sheriff's Detectives say they believe the suspect and victim got into an altercation in the street outside a residence in the 2000 block of Ocean Street in Oceano.
Ramos-Ramirez then stabbed Diaz several times and fled the area in a vehicle. Witnesses at the scene identified the suspect as well as his vehicle.
Detectives were able to locate Ramos-Ramirez at his home in the 1200 block of Golden Drive in Santa Maria which led to the eventual traffic stop. He was later arrested by Sheriff's Detectives without incident.
Ramos-Ramirez was taken to the San Luis Obispo County Jail on a charge of murder.
ORIGINAL STORY: The San Luis Obispo County Sheriff's Office is investigating a stabbing in Oceano.
Deputies say it happened on the 2000 block of Ocean Street in Oceano Saturday morning.
Law enforcement responded to a report of an assault with a deadly weapon at approximately 1:45 a.m.
Deputies say when they arrived they discovered a male subject had been stabbed. Medics responded but the victim later died at the scene.
Sheriff's detectives are now investigating.
Investigators say it's believed to be an isolated incident and there is no public safety risk at this time.
No further information is available at this time.