A teenager is fighting for life after a man allegedly stabbed him and a woman before setting fire to a home in a suspected domestic violence incident.

Police allege a 15-year-old boy and 40-year-old woman were stabbed during an altercation at a home in Raceview, Ipswich, about 4.30pm on Sunday.

A 50-year-old man, also from Raceview, then started a fire at the home on Cascade Street, about 42-kilometres south-west of Brisbane.

He was arrested shortly after police arrived at the scene and later charged with two counts of attempted murder (domestic violence offence) and one count of arson (domestic violence offence).

The boy was taken to Queensland Children’s Hospital where he remains in a critical condition.

The woman sustained non-life threatening injuries and was taken to Mater Hospital in a stable condition.

“It is believed the three involved were known to each other,” Queensland Police said.

The man is expected to appear at Ipswich Magistrates Court on Monday.

-AAP