A 19-year-old man from Newquay was arrested on suspicion of attempted murder and robbery following an incident in St Austell on Sunday evening.
Police were called to Holmbush Arch Road at 11.15pm following reports that a man had been threatened and had items taken from him. The man was uninjured.
A short while later, reports were received of two men who had been stabbed nearby. Both victims, men in their 20s were taken to hospital for treatment. One has since been discharged from hospital, the other remains receiving treatment for potentially life-threatening injuries.
A knife and a motorbike, believed to be linked to the incident, were seized nearby.
A 19-year-old man from Newquay was later arrested on suspicion of attempted murder and robbery. He has since been released on police bail until Friday, May 17.
Searches remain ongoing to locate a second man in connection with this incident. Police enquires remain ongoing into this incident.
Anyone who witnessed the incident and anyone with information is asked to contact police on 101 quoting CR/034994/19.