The victim, a 33-year-old man, was left in a serious condition in hospital after a "violent attack" on Friday, police said.
A 29-year-old man has now been arrested in connection with the incident and is due to appear at Paisley Sheriff Court later.
The incident took place after the victim left a friend's flat in Argyle Street at about 18:30 on Friday.
He returned to the flat around 01:20 on Saturday, having suffered serious injuries.
The man was rushed to the town's Royal Alexandra Hospital for treatment and police appealed for information.
A man has been arrested over an attempted murder in Paisley.