Based on Schecter's website, the Stiletto models all have 1 volume, 1 blend, and 2-band active EQ (bass/treble). So, one knob will control the master volume, the other will go between the two pickups. When rolled completely counter-clockwise, the bridge pickup will be soloed, when rolled clockwise the neck pickup will be soloed.
Of course, the Stiletto Extreme is not on Schecter's website so your particular model might be different. Just remember, a blend control will usually have a center detent so you know when it's in the middle. If there is no center detent, its probably a volume control, if there is a center detent, it is either a blend control or one of the EQ controls.