Two people are in hospital with serious injuries and a third is in police custody following a stabbing in Vancouver's Downtown Eastside early Tuesday morning.

Police said they were called to the area of Princess Avenue and Powell Street with a report of a disturbance shortly after 5:30 a.m.

When officers arrived they found a 49-year-old man and 31-year-old woman suffering injuries that are believed to be serious but not life-threatening.

Both of the victims were rushed to hospital.

Police also managed to find and arrest a 23-year-old suspect, who is facing potential charges. Authorities said the young man and the victims know each other, but the nature of their relationship hasn't been disclosed.

The Vancouver Police Department said its investigation is still in its early stages and no other details are being shared with the public.