It is understood gardaí are now seeking a younger male in connection with the incident close to Rath Cemetery at 12 noon
The incident, which involved several people, broke out in the vicinity of a funeral at Rath Cemetery shortly before noon with further disturbances subsequently reported near University Hospital Kerry (UHK).
A man in his 40s has died and a woman, understood to be his wife, is receiving treatment for serious injuries.
It is understood gardaí are now seeking a younger male in connection with the incident close to Rath Cemetery at 12 noon.
Initial reports are that the deceased had suffered critical stab injuries following a confrontation between a group of men.
The alarm was raised and gardaí raced to the scene.
One man was discovered critically injured.
Despite desperate efforts by paramedics to stabilise the man's condition, it is understood he died before he could be transferred to nearby UHK.
A second person – a woman in her late 40s who is understood to be the wife of the deceased – was seriously injured at the scene.
The area where the suspected stabbing occurred has been sealed off pending an examination by forensic experts from the Garda Technical Bureau.
It occurred in Tralee town just off the Castleisland Road and close to the UHK campus.
A large garda presence has been maintained both at Rath Cemetery and at UHK.
Gardaí will also examine CCTV security camera footage from premises in the general Tralee area to determine movements to and from the area where the fatal assault is understood to have taken place.
The assistance of the State Pathologist's Office has been requested and a full post-mortem examination will now be conducted.
The second individual injured is understood to be in a serious condition and receiving emergency medical treatment at UHK.
Initial indications are that the deceased is from the Cork area and was in north Kerry to attend the funeral of a young mother.
Gardaí are currently trying to determine who was in the area at the time of the violent assault.
Initial indications are that a large group of people may have been in the vicinity of the fatal assault at the time.