A 22-year-old man was slashed during an attempted robbery believed to be centred on a Rolex watch.
Police were called out to Gorsewood Road in south Liverpool at around 4.50am on Saturday morning following reports of an attempted robbery.
The victim suffered lacerations to both arms and was taken to hospital. His injuries were described as non-life threatening by police.
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A group of men believed to be involved in the incident made off in a taxi. Police found a knife near to the scene.
A 24 year-old woman was arrested on suspicion of assisting an offender and has since been released under investigation pending further enquiries.
A local man who asked not be named said the victim was attacked during an attempted robbery at a "house party." The man suggested a group of men tried to steal a Rolex watch.
A police spokesman said: "We are investigating following reports a man was assaulted at a house in Gateacre in the early hours of Saturday, 26th June.
"Officers were called to a house in Gorsewood Road at around 4.50am following reports a 22 year-old man had become involved in an altercation with a number of males during what is believed to have been an attempted robbery.
"During the incident he was assaulted and suffered laceration to both arms which required hospital treatment. His injuries are not believed to be life threatening.
"The males left the scene in a private hire taxi and a knife was located in a nearby alleyway.
"A 24 year-old woman was arrested on suspicion of assisting an offender and has been released under investigation pending further enquiries.
"An investigation is underway and house-to-house, witness, CCTV and forensic enquiries have been carried out in the local area."
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Detective Inspector Sean Kelly-Martland told the ECHO : “Enquiries are ongoing into this incident. At this stage it appears that the injured man attempted to intervene in an attempted robbery when he was assaulted.
“We are following a number of lines of enquiry to identify the males responsible.
"I would appeal for anyone who has any information which could assist the investigation to contact us as a matter of urgency. We are committed to tackling knife crime in Merseyside and I would ask for the public’s help in bringing those responsible to justice.”
Anyone with information is asked to DM @MerPolCC or @CrimestoppersUK on 0800 555 111 quoting reference 21000445575.