A crossbow was recovered during one of those searches.
All four men were known to each other.
The assault is not gang-related and police were confident there was no risk to the public.
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A 21-year-old man is facing an assault charge while the full circumstances of the event are investigated.
He was due to appear in the Masterton District Court today.
Police were not seeking anyone else in relation to their investigation.
"I am very comfortable that we have spoken to all of the primary witnesses and that there is no risk to the public now or in the future from this group," said Detective Senior Sergeant Bysouth.
The victim and his family have been referred to Victim Support.