Officers arrested a 19-year-old man at the scene of the incident on The Town, in Thornhill.
The injured man was taken to hospital but died a short time later.
West Yorkshire Police is appealing for witnesses to the incident, which happened at around 8.40pm last night, or anyone with information to come forward.
Officers can be contacted by calling 101 and quoting log number 1623 February 17.
Information can also be passed to Crimestoppers anonymously on 0800 555 111.