Local residents heard "painful screaming" shortly before an injured man died after a "physical altercation" in an inner Melbourne park.

The incident occurred in Fitzroy Gardens, on the south-eastern border of Melbourne's CBD, just before 7am.

Paramedics treated a 52-year-old Ringwood man at the scene but he was unable to be saved.

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He is yet to be formally identified.

A 36-year-old man was arrested at the scene and was taken to hospital, where he remains under police guard.

Local resident Christina said she heard commotion at the park before the injured man was found.

"I heard screaming in the early hours of the morning when it was still dark," she told 9News.

"But it wasn't for long, it was momentarily."

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Homicide detectives spent the day searching the scene, with multiple bags of evidence collected.

Dive teams also examined a fountain, fishing out objects for evidence.

Police have said they are not looking for anyone else in relation to the incident, but want to speak to anyone in the area who may have witnessed it.

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