The man was charged on Sunday following the alleged incident in Black Range, south of Stawell, on Saturday afternoon.

Another man, also aged 37, was left with life-threatening injuries and flown to Melbourne, where he remains in a serious but stable condition.

Emergency services were called to reports a man had been stabbed at a Black Range caravan park on Monaghan Road about 3.55pm.

Police later attended a nearby Black Range address and arrested the man who allegedly approached officers while armed with a knife.

He was charged with intentionally cause serious injury and other assault-related offences.

Police believe both parties were known to each other.

The man was remanded in custody to appear in Horsham Magistrates' Court on Monday.