Detective Senior Constable Richard Hughes, of the Warrnambool police crime investigation unit, said a 43-year-old Peterborough man was yesterday arrested, interviewed, charged and bailed to appear in court on April 18.

He has been charged with eight assault-related offences including recklessly causing serious injury.

Detective Senior Constable Hughes said the two men, who were known to each other, were involved in a two-part altercation at Port Campbell's Point Car Park about 7pm on Saturday.

During the first part of the altercation the Peterborough man is alleged to have punched the victim a number of times to the face and head.

The accused then produced a knife and allegedly stabbed the victim to a forearm, resulting in a significant wound.

The 38-year-old Port Campbell man was transported by ambulance to the Warrnambool Base Hospital where he underwent surgery.

The injury was not life-threatening, it is not known at this stage if there will be any permanent damage but it is expected the man will remain in hospital for about a week.

Detective Senior Constable Hughes said the accused man was arrested about 1pm yesterday, interviewed, charged and will appear in the Warrnambool Magistrates Court on April 18 for a mention hearing.