The 19-year-old victim was attacked in the High Street area last night.
He is said to be in a serious but stable condition in hospital after undergoing emergency surgery.
Police say that following the attack, the suspect fled on foot along Warng Street.
A 23-year-old man was arrested a short time later.
He is currently being held at the PACE suite at Musgrave PSNI station for questioning.
It was the second stab attack in Belfast in a number of hours yesterday.
A man in his 30s was attacked at around 1.40 pm at Hawthorn Street in the Clonard district of west Belfast.
Part of Hawthorn Street was cordoned by police.
Detectives have appealed to anyone who witnessed a row to contact officers at Woodbourne Police Station on the non-emergency number 101.
Information can also be passed anonymously to Crimestoppers on 0800 555 111.