A 23-year-old man died in the attack involving five other men near the corner of Pine Mountain and Creek roads at Mansfield on Monday afternoon.
One man arrested near the scene not long after the attack was being questioned by detectives on Tuesday. Officers were hunting for the four men who got away in a white Nissan Patrol four-wheel drive.
Taskforce Maxima, a specialist police unit focused on outlaw bikie gangs, is taking part in the investigation.
A Black Audi hatchback initially blocked the dead man's car in a gym car park before a white Nissan patrol rammed his car from the opposite side.
Five men got out of both cars and started smashing the windows of the 23-year-old's car before he got out through a passenger door and ran off.
Two men chased him to a nearby residential street where one of them allegedly stabbed him multiple times.
Four men fled the scene in the 4WD, while the fifth ran away but was tracked down with police dogs and arrested.
Detective Superintendent Andrew Massingham said the attack, which happened in front of members of the public, was deeply concerning.
"These males were extremely motivated to hunt this individual down," he told reporters at the scene on Monday.
"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."
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