According to Police Scotland, officers arrived at Victoria Road just after 10am in response to reports of a disturbance. The Scottish Ambulance Service was also called to the scene.
A number of police officers were reportedly searching bushes in the area.
A Police Scotland spokesperson said: “Police in Forth Valley have arrested a 28-year-old man in connection with attempted murder after officers were called to the Victoria Road area of Falkirk at around 10am.
“A 38-year-old man was taken to the Forth Valley Royal Hospital with serious injuries and inquiries remain ongoing.”