A Geelong man, 38, presented himself at the Geelong Police Station after being contacted by Ballarat Police.

He was interviewed in relation to a multiple stabbing at the south entrance to Stockland Wendouree on Gillies St at 1.45pm on Wednesday.

The attack occurred after a minor collision between two cars.

Police said the two men "scuffled" before the victim was stabbed.

A Ballarat man, 50, was left bleeding by the side of the road with two stab wounds as the offender fled.

Ballarat CIU Detective Senior Sergeant Dave Hermit said the alleged offender was released on summons.

"We have a lot of witnesses to process, and once that's done (he will be charged)," he said.

"It's not something that's going to drag on for months."

Det Snr Sgt Hermit said Ballarat CIU contacted the suspect and he presented himself to Geelong Police on Wednesday night.

Police recovered a weapon, believed to be a knife, yesterday.

The victim has been discharged from the Ballarat Health Services Base Hospital.

He underwent emergency medical treatment for one stab wound to his upper chest and another to his arm.

Ballarat Health Services executive director of medical services, John Ferguson, said the patient had a "reasonably peaceful night".

"He didn't need to go into theatre in a formal sense," he said.

The victim's wounds were treated and carefully observed, but his life had not been endangered.

Det Snr Sgt Hermit was pleased with the quick result, which he said was due to strong information from witnesses.

Witnesses had provided a detailed description of the alleged offender and the getaway car, including a partial number plate.

"The people who were there took down a lot of detail so he was able to be identified reasonably quickly," Det Snr Sgt Hermit said.

"There were certainly plenty of witnesses.

"It had the potential to be serious. Any time somebody is stabbed you just don't know what's going to happen."

Det Snr Sgt Hermit said police wanted to hear from any other witnesses who may not have come forward.

They can contact Ballarat CIU on 5336 6080 or Crime Stoppers on 1800 333 000.