Lincolnshire Police were called to reports that a man in his 20s has been found wounded in the Louth Road area of Holton-Le-Clay at around 5.30pm.
The man received medical treatment at the scene and is now in hospital in a serious condition. Nobody else has been reported injured.
Officers carried out local searches, and a suspect was arrested in Grimsby a short time later and remains in police custody.
A police spokesman confirmed that the force believes this to be an isolated incident, and the people believed to be involved were known to each other.
The spokesman said: “We are appealing for witnesses following an incident in Holton-Le-Clay which has left a man in hospital with suspected stab wounds.
“We are appealing for anyone who witnessed this incident or may have captured something on CCTV or dashcam to come forward to help our investigation.”
If anyone has any information relating to this incident, email [email protected] or call 101, referencing incident number 314 of 14 November.
If you wish to remain anonymous you can call CrimeStoppers on 0800 555 111.