Police were called to the scene of the incident at Western Gardens on the seafront at 19:39.
During the incident, a teenage girl was assaulted and a 19-year-old man suffered a stab wound to his knee. The injury is not life-threatening.
The duo were both taken to St Mary’s Hospital by the Police following a wait for an ambulance.
A number of people were stopped in and around Ryde Town yesterday evening as officers hunted for the suspect.
Hampshire Constabulary have confirmed that a 43-year-old man from Ryde has been arrested on suspicion of causing grievous bodily harm with intent and remains in custody at this time.
Anyone with information about this incident is asked to contact Police on 101, quoting 44200408340.