Police said the victim, believed to be a 23-year-old man, was driving a white Mercedes when he was cornered by two vehicles at the busy intersection of Pine Mountain and Creek roads at Mansfield just before 1pm Monday.
A black Audi hatchback trapped the Mercedes as it entered the car park of the Good Life gym, Detective Superintendent Andrew Massingham said.
As the driver frantically attempted to escape, a second vehicle, a white Nissan Patrol, deliberately rammed the Mercedes.
Five men from both vehicles stalked toward the Mercedes, smashing the windows to attack the driver,
"The victim has fled from the car through the passenger's side door, ran across the road in public view, and was pursued by two of the males," Supt Massingham said.
"One of the males then confronted him up at the intersection ... and used a knife to stab him multiple times."
Horrified witnesses could do nothing as the 23-year-old man collapsed and died on the corner of Brigadoon Street and Pine Mountain Road.
Four of the suspects left the scene in the Nissan Patrol, with the fifth fleeing on foot towards Flame Tree Court.
He was arrested and taken into custody after being tracked by police dogs.
Supt Massingham said the brazen attack in full public view was deeply concerning to authorities.
"These males were extremely motivated to hunt this individual down," he said.
"This incident was fully captured on CCTV - I have viewed that CCTV and it is confronting and horrific.
"We don't know the motive of what's occurred, whether there was planning involved or whether there was an incident that escalated in the nearby streets.
"What was clear was their intent to cause significant harm to this individual."
A police cordon has been established and investigations are underway into the current location of the Nissan Patrol and its occupants.
Police are appealing for anyone who may see the vehicle to not approach it but dial Triple Zero.
"We believe there's a number of people that witnessed this tragic event, so we ask people who may have witnessed it or have dash cam footage to come forward.
"I'm concerned when instances of this nature occur in public space - that concerns me greatly.
"I think ... it is a brazen act, and in some respects, it is a cowardly act - there are five males intent on causing significant injury and subsequent death to this individual."
Homicide detectives and outlaw bikie gang squad Taskforce Maxima are assisting the investigation.
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