The Sullivan County Sheriffs Department and Indiana State Police were called out around 10:30 Monday night on the report of a stabbing.
It happened at 635 North Broad Street in Sullivan.
Police say that they believe that several people had gathered at the home.
For an unknown reason 28 year old William Grimes got into an argument with the home owner 56 year old Bruce Adams.
Police say that Grimes stabbed Adams with a pocket knife.
Grimes is now in the Sullivan County Jail on several charges.
Adams is at Methodist Hospital in Indianapolis in stable condition.
Police are continuing their investigation.