Police officers arrived at the scene and found two men with knife wounds. They were taken to hospital.
Later one of the men died as a result of a stab wound.
"Two men, aged 19 and 24 years, have been arrested on suspicion of murder and will be interviewed by detectives," Detective Inspector Allison Woods said as quoted by the The Liverpool Echo.
Woods added: "The city centre was really busy in the early hours of this morning and I would appeal to anyone who may have witnessed the incident, or who has any information which could help us with our inquiries to contact us."
Back Colquitt Street, were the incident happened, remains closed as police continue their investigation.
Liverpool FC confidently outplayed Tottenham Hotspur in the Champions League final on Saturday evening. The game, which took place at Madrid's Wanda Metropolitano Stadium, ended with a 2:0 Liverpool victory.
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