Police responded to the call in the 2500-block of South Ashland Avenue in the Lower West Side neighborhood around 9:40 a.m.
A man, 22, reportedly got into a fight with Michael Willard, 30, on the bus.
Police said Willard stabbed the 22-year-old in the right hand and cut his face. The victim was taken to the hospital in good condition.
Willard was taken into custody withing 15 minutes of the attack.
He is facing one felony count for aggravated battery and use of a deadly weapon. He was due in court on Wednesday.
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This stabbing comes less than 24 hours after a man was fatally stabbed in South Austin on Monday night.