The incident occurred at the Roosevelt Station in the first block of East Roosevelt Road around 12:30 a.m. Saturday.
The victim got into a fight with a male offender who pulled out a sharp object and swung it at him. The victim's arm was cut.
A tourniquet was applied on scene by officers and the victim was transported to Northwestern Memorial Hospital and is now listed in fair condition.
The suspect was quickly detained by officers.
Area Three Detectives are investigating and charges are pending.