At around 8.29pm on May 14 police and paramedics were deployed to a section of Bilton Road near to the junction with Dunster Close after receiving reports that a man had been stabbed and had his motorbike stolen.
Emergency services arrived on the scene to find a man in his forties with a serious stab wound to the abdomen.
Residents also reported seeing an air ambulance land in a nearby field, though this has not yet been confirmed with Warwickshire and Northamptonshire Air Ambulance.
The man was rushed to hospital, operated on overnight and is presently in a stable condition.
Police said they quickly arrested a 32-year-old suspect on Wentworth Road.
At the time, residents in the Wentworth Road area told the Advertiser they saw a strong police presence on the road shortly before 9pm.
The Advertiser attended the scene shortly after 9pm and saw officers in the process of arresting a man.
A police spokesperson later said the suspect was taken to hospital with a head injury and, as of this morning, officers are waiting to question him.
Officers later found the motorbike and recovered it.
Detective Inspector Cawail Wong said: “We fully understand how shocking this incident is for the local community and we’d like to reassure them a thorough investigation is underway.
“We’re working hard to establish the full circumstances that led to this terrifying incident. I’d urge anyone with information to get in touch as a matter of urgency.
“Residents will continue to see increased levels of police activity while enquiries are carried out.”
As part of the investigation, any witnesses, anyone with information or anyone with CCTV or dash cam footage from the area around the time of the incident are urged to contact police on 101 quoting incident 360 of 14 May 2022.
Information can also be provided anonymously to the independent charity Crimestoppers on 0800 555 111.