A 22-year-old man is in custody after a stabbing incident in Masterton on Wednesday night.

Wairarapa Detective Sergeant Michael Smith said police executed a search warrant yesterday evening, which resulted in the arrest of a Whanganui man.

The man had been charged with grievous assault and was due to make a first appearance in Masterton District Court on Saturday.

The 42-year-old stabbing victim was captured on CCTV stumbling at least three blocks to call for help.

He was bleeding heavily with stab wounds to the chest and shoulder, and footage showed him clutching a piece of material to his chest to stem the blood.

He arrived at the Z petrol station on Chapel St shortly after 11pm, where an employee called an ambulance.

He was subsequently transported to Wellington Hospital in a serious condition.

Police said the man remained in hospital and was expected to make a full recovery.

On Thursday, Smith said police were making area inquiries to determine where the assault happened.

In a statement on Friday, he confirmed the stabbing happened at a residential property in Masterton and that the parties were known to each other.

He said the public could be reassured that the incident did not pose a risk to the wider community.