A 29-year-old man has been arrested tonight in connection with the serious assault of a man in Queenstown last night.

The man has been charged with injuring with intent to cause grievous bodily harm and been bailed to appear in the Queenstown District Court on May 1.

"The victim remains in Lakes District Hospital where the full extent of his injuries are still being assessed however his condition is considered stable," police said.

Police asked anyone who had been in the Brunswick St/Thompson St area between 10.15 and 10.45pm last night who might have relevant information to contact Queenstown Police on 03 441 1600. Information could also be shared anonymously via Crimestoppers on 0800 555 111.

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"Police would like to thank those members of the public that came forward at the time of the incident and whose help has led to the early location and arrest of the man alleged to have committed the assault.

"Police would like to reassure the public that this appears to have been an isolated incident with the two men apparently known to each other."

As the matter is now before the court police were unable to comment further.