ACT Policing were called to the Ainslie shops about 4.30pm after reports of a stabbing incident.

A 36-year-old Ainslie man was arrested at the scene and treated for minor hand injuries before being taken into custody.

The alleged victim, a 43-year-old man, was stabbed multiple times near Theo's takeaway shop.

ACT Ambulance Intensive Care Paramedics treated the man at the scene before transporting him to Canberra Hospital.

He was in a serious but stable condition last night.

Police interviewed witnesses at the scene, and a crime scene was established.

One woman said she had seen a man in handcuffs at the front of the takeaway shop some time after 4.45pm. ''He was sitting there for at least half an hour,'' she said.

Another woman also saw the man, and said the same person was ''preaching'' in the area several hours earlier.

''He was just sort of yelling biblical things at me,'' she said.

A man, drawn to the scene by the heavy police presence, said the victim was carried out on a stretcher ''profusely bleeding''.

The 36-year-old was charged with intentionally inflicting grievous bodily harm.

A court date had not been set last night.

Police are urging witnesses to call Crime Stoppers on 1800333000.