An 18-year-old also was stabbed early Saturday and is recovering.
Police on Monday identified the teen who died as Davonte Thompson.
Police initially were called to a hospital and then went to the home where the party took place. Police say the suspect walked in the door, covered in mud and what appeared to be blood. He was arrested after a brief foot chase.
Officers booked 21-year-old Geoff K. Spain into the Whatcom County Jail.