The incident happened near to a bus stop on Ferry Road opposite Goldenacre playing fields at around 10.30pm.
A 52-year-old man was left with a number of injuries.
The man was taken to Edinburgh Royal Infirmary where he is in a serious but stable condition.
Police detained a 57-year-old man following the initial report, and he is in police custody.
Detective Inspector Alan O’Brien said: “We are currently following a number of positive lines of inquiry and I would like to reassure the local community that crimes like this are rare.
“Anyone who was within the area at the time who may have witnessed the incident is asked to contact the police on 101”