HERMOSA BEACH (KTLA) -- A homeless man is accused of stabbing another homeless man Saturday after he was found wearing a jacket that did not belong to him, officials said.

Gary Akeley Fisher is being held in the Los Angeles County jail for attempted murder after stabbing the victim in the neck and back. Bail is set at $1,000,000.

The fight occurred at about 11:40am near a Jamba Juice located at 703 Pier Avenue. It is unclear who produced the knife.

Hermosa Beach Police department officers located the suspect in a nearby neighborhood still wearing the jacket that the victim had accused him of stealing. The bloody knife was still in his pocket, investigators say.

Police and fire personnel responded to the scene after witnesses contacted authorities. The victim was transported to a local hospital for treatment, where he remains in serious but stable condition with non-life threatening injuries.

Anyone with information about the case is encouraged to call Detective Gaglia at (310) 318-0348 of the Hermosa Beach Police Department.