The fight, which occurred inside a tent just off the Frame Lake Trail around 4:40 p.m. Wednesday, resulted in non-life-threatening injuries to the victim's neck and torso.
Shortly after the victim was admitted to hospital, police apprehended a 40-year-old Yellowknife man.
Charges would be laid Thursday afternoon, said Sergeant Mike Brandford of the Yellowknife RCMP.
At the time of the incident, three parties occupied the tent, although police could not confirm who may have lived there or what instigated the assault. The third party has since been spoken to by police. Alcohol was a factor.
"We believe all parties had been consuming alcohol and possibly other substances as well," explained staff sergeant Steve McVarnock of the Yellowknife RCMP.
Knifings have also become more common of late, he said.
"I won't say that they're extremely rare, but we have had a handful in the last four months."
The Frame Lake Trail area however, is not a hot spot, police explained.