The stabbing occurred in the 1200 block of Mercantile Street around 9 p.m.
Officers were dispatched to the area following stabbing reports and found the victim suffering from multiple stab wounds.
The unidentified victim was transported to Ventura County Medical Center where he underwent emergency surgery and is now listed in critical condition.
Officers were able to locate the suspect and arrest 48-year-old Ismael Godinez in the 2400 block of Balboa Street.
The investigation is ongoing. The motive for the attack remains unknown.
Anyone with information regarding the incident was urged to contact Detective Jess Aragon at (805) 385-7547.