The man is expected to face court in Ballarat on Tuesday charged with intentionally causing serious injury and recklessly causing serious injury.

Ballarat Criminal Investigation Unit Detective Senior Constable Paul Jolly said two men were involved in the incident, with one being treated for "reasonably substantial" stab wounds to the chest and back.

The Courier visited the scene of the incident this morning where police were still investigating and blood was still visible on the road.

The other man was also treated for a minor stab wound to his thigh. 

Both men were transported to the Ballarat Base Hospital.