The 16-year-old, from Greater Bendigo, was arrested by Protective Service Officers at Bendigo Railway Station about 7pm on Saturday.
He was charged with intentionally causing injury, affray, assault with a weapon and committing an indictable offence while on bail, and remanded to face a children's court.
The 41-year-old man, believed to be sleeping rough, was allegedly attacked by a group of youths in nearby Bath Lane on Thursday.
The injured man staggered to the Sporting Globe Bar and Grill, collapsing there as staff called triple zero and gave first aid.
He was taken to Bendigo Hospital with upper body injuries and suspected stab wounds, and was initially in a serious but stable condition.
"Their behaviour is extremely cowardly," Detective Acting Sergeant Justin Ludeman said of the alleged attackers as the investigation continued.
"This male is just going about his everyday business and he appears to have just been set upon by these four males."
Premier and local MP Jacinta Allan called the stabbing "absolutely horrifying" and urged anyone with information or footage to contact authorities or Crime Stoppers.
Under pressure over youth crime, she rejected claims officers were powerless to tackle repeat offenders, pointing to tougher bail laws, higher penalties, expanded knife seizure powers and a machete ban.
Investigators are still trying to identify other youths believed to be involved.
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