The victim, 21, was injured after being approached by two men in Walpole Road in Huddersfield on Monday night.
Police made two arrests but said in the early hours of this morning a third man had been held, following arrest warrants at addresses on Greenwood Street and Birkhouse Lane.
A spokesman said: "A 21-year-old man was arrested and remains in police custody at this time. Enquiries remain ongoing.
"Police would urge anyone who witnessed the incident or has any information to come forward and speak to the police to assist with our enquiries."
On Tuesday the victim was said to be in a stable condition. His injuries were not thought to be life threatening.