The injured man, in his 30s, was taken to hospital, where he remains in a critical condition, West Midlands Police added.
Det Insp Nick Barnes said: “This is a tragic incident, and we have worked through the night to understand exactly what happened.
“We’ve already made good progress and arrested a suspect, but I still need to hear from anyone who was in the area that we’ve not already spoken to.”
Anyone with dashcam footage or mobile phone footage from the area at the time is being urged to contact the force.
“We really need to hear from you so that we can build as clear a picture as possible of what happened,” he added.
