Police and emergency services were called to Cranbourne North following reports of an assault on Sunday 29 October.
It is believed the altercation occurred between two men on William Thwaites Boulevard about 5.15pm.
A 28-year-old man received stab wounds to the arm and chest, and was taken to hospital with non-life threatening injuries.
A 38-year-old man was arrested at the scene and remains in custody assisting police with their inquiries.
Anyone who witnessed the altercation is urged to contact Crime Stoppers on 1800 333 000.
