A woman has been critically injured following a stabbing in Wangaratta on Wednesday morning.

A Victoria Police spokesperson said it was believed the 53-year-old woman was involved in a dispute with a neighbour on Speed Street, Wangaratta when she was stabbed about 7.20am.

The woman was airlifted to hospital in a critical condition and a 29-year-old Wangaratta man was arrested on Weir Street in Wangaratta just after 9am.

Police tape was placed across the grass area outside of a 16-unit housing complex near Parfitt Road, in between Advance Motel and North East Ag & Industrial.

As of 12pm Wednesday, the man remained in police custody and the investigation being conducted by Wangaratta Crime Investigation Unit detectives remains ongoing.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppers.vic.com.au.