A woman has been arrested after allegedly stabbing two people in the CBD.

The disturbing incident took place at 5pm on Thursday.

Police have been told a woman stabbed a man at the intersection of Flinders and Downie streets.

A short time later, the woman stabbed another female near the intersection of Flinders and Spencer streets.

Both the male and female victims were transported to hospital with what are believed to be non-life-threatening injuries.

The alleged offender, a female, was arrested near the scene.

The exact circumstances surrounding the incidents are yet to be determined and investigations are ongoing.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or make a report online at www.crimestoppersvic.com.au.