A knife fight over a $10 drug debt has resulted in a 29-year-old Portland man being flown to a Melbourne hospital with a stab wound to his stomach.

Detective Senior Constable Aaron Elford, of the Portland police crime investigation unit, said a 41-year-old Portland woman had been arrested and would appear in Warrnambool Magistrates Court on Thursday for a bail/remand hearing.

She has been charged with intentionally causing serious injury, recklessly causing serious injury and assault with a weapon.

The investigator said that the man and woman were at a Mitchell Crescent address in Portland at 6.10pm on Wednesday evening when emergency services were called.

"There was an altercation between the victim and the offender, during which the offender has pulled a knife from a kitchen draw," he said.

"There was a tussle and during that tussle the victim has been stabbed to the left abdomen.

"He has suffered a two centimetre wide stab wound. The depth of the wound is unknown at this stage."

Detective Senior Constable Elford said an ambulance was called and the victim was taken to the Portland Base Hospital for assessment and treatment before being flown by air ambulance to the Royal Melbourne Hospital for further care.

"He was in a serious but stable condition last night," he said.

"The 29-year-old man lives in the same area as the woman who was arrested.

"All involved are well known to police. It's understood the altercation was over a $10 debt."

Anyone with information is requested to contact the Portland police station or Crime Stoppers on 1800 333 000.

Wednesday night: A MAN has been flown to a Melbourne hospital with a stab wound after an incident at a residential Portland address on Wednesday night.

Police were called to Mitchell Crescent about 6.10 pm after reports that a man had been stabbed.

On arrival, police located a man in his 20s with a stab wound to his stomach area.

An air ambulance flew the man to a Melbourne hospital.

Sergeant Tim Chester, of Portland police, said police arrested a 41-year-old Portland woman, known to the offender.

He said police were not treating the incident as family violence related at this stage.

The woman is assisting police with inquiries.

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