Officers were called to a house in Coniston Drive, Workington, just before 1am following a report of a serious assault by a man using knives on two people.
A man and woman, aged 37 and 35 suffered serious but none life threatening injuries. They were taken to the Cumberland Infirmary.
A Cumbria Police spokesman said: “Police can confirm that a 41-year-old man, of no fixed address, has been arrested and is in custody.
“We are not looking for anyone else in connection with this incident.
“Officers are appealing for anyone with information about the incident, or anyone who witnessed this incident to either approach an officer at the scene, or call 101 quoting incident number 2 of the 21st of August.
“The investigation being conducted by West Cumbria CID.”
There will be a heightened police presence in the area.