This happened after midnight at Roosevelt and State Street, police said.
According to police, the 28-year-old man was involved in an altercation with another male suspect when he was stabbed in the arm with a sharp object.
Officers were able to quickly apprehend the suspect and place him into custody, investigators sid.
The officers then applied a tourniquet on the man and he was transported to Northwestern Hospital where he was last listed in fair condition, police said.
Charges are still pending against the suspect.