Police alleged the charged man verbally abused another man before stabbing him on a bus travelling along Canterbury Road in Middle Park at about 9pm yesterday.
The victim, 27, was taken to hospital with life-threatening injuries.
The offender then fled the scene on foot before he was found in a nearby lake and refused to get out, police say.
Water police attended the scene to coax the man out of the lake.
The Prahran man, 32, was then arrested and treated by paramedics.
He was charged with intentionally causing injury and was remanded to appear before Melbourne Magistrates Court today.
