The victim, a man in his 30s, was found with stab wounds on Staveley Road, Dunstall Hill, just before midday on Monday.
One ambulance and a paramedic officer were sent to the scene to treat the patient, who suffered wounds to his arms.
His injuries are not believed to be life-threatening and he was taken to hospital for further assessment, West Midlands Ambulance Service said.
It is believed to have been a targeted attack, police said.
Now a 34-year-old has been arrested on suspicion of assault and is currently in police custody for questioning.
Anyone with information is asked to contact police via live chat at west-midlands.police.uk, or by calling 101.
Alternatively, call Crimestoppers anonymously on 0800 555 111. Quote log number 910 of October 21.