Police were notified of the incident at about 11:05pm after officers at Phuket City Police Station received a report of a knife attack outside a house on Tha Ruea Mai Rd in Moo 7, Ratsada.
Investigating officer Pol Lt Witthawat Krainara responded to the scene along with patrol and investigation officers.
The injured man, identified as 54-year-old Mit Saengta, had already been transported to Phuket Provincial Administrative Organisation Hospital for treatment.
Police said the victim suffered a stab wound to the left side of his rib cage, about two centimetres deep. Doctors were continuing treatment at the time of the report.
The suspect, identified by police as 61-year-old Charoen Wongkaew of Phato District in Chumphon, was apprehended shortly after the incident.
Police also seized a knife believed to have been used in the attack.
The suspect was handed over to investigators for legal proceedings, while officers continue gathering evidence related to the case.
The investigation is being led by Pol Lt Witthawat Krainara under the supervision of Phuket City Police Chief Pol Col Chatree Chukaew.