Officers were called to a property in Fore Street, Chudleigh, on Monday evening.
The injured 20-year-old, who was taken to Plymouth's Derriford Hospital after the assault, has since been discharged.
Devon and Cornwall Police said a 25-year-old man has been arrested and believe the assault was an "isolated incident".
A man has been arrested on suspicion of attempted murder after another man was found with stab wounds in a Devon town.