Police said they were called to the incident on Potsford Road at around 3.30pm today, May 9.
The victim, in his early sixties, was taken to hospital and his injuries are not believed to be life-threatening.
A 25-year-old man has been arrested on suspicion of section 18 wounding and is currently in police custody.
No other injuries were reported and police said they believe this was an isolated incident.
A witness said there was a significant police presence lasting into the evening, and when the Advertiser attended the scene later the area was still cordoned off.
Investigating officer, Det Con Beverley Ward, said: “An arrest has been made and a male remains in custody at this time.
“This is believed to be an isolated incident and enquiries are ongoing.
"A scene guard is currently in place while forensic examination takes place.
“If anyone witnessed the incident or has any information, please call Warwickshire Police on 101 quoting incident number 230 of 9 May 2022.”
Information can be given anonymously to the independent charity Crimestoppers on 0800 555 111 or via their website.