Emergency services were called to Whitemill Lane in Stone in the early hours of Saturday morning.
Paramedics were unable to resuscitate the man and he died at the scene. A murder inquiry is now under way.
A 29-year-old man, arrested at a house in the town, is due to be questioned by officers later.  A weapon has also been recovered, police said.
A 22-year-old man has been found dead in a Staffordshire street after suffering a "serious stab wound".