Police believe a brawl broke out in the toilet area of a nightclub before spilling onto the street in Prahran about 1am on August 16.
An 18-year-old man suffered serious stab wounds to his buttocks and groin area, before being placed in an induced coma.
He underwent three emergency surgeries for injuries to his mid and lower body.
Detectives executed six search warrants at homes in Caroline Springs, Donnybrook and South Melbourne yesterday.
Police seized mobile phones and other electronic devices, as well as clothing relevant to the investigation.
A 19-year-old Caroline Springs man was arrested at a home on Barn Elms Parade, Caroline Springs and charged with multiple offences including recklessly causing serious injury.
He appeared in Melbourne Magistrates’ Court yesterday, where he was remanded to re-appear today.
Four other men aged 18, 19, 24 and 25 were arrested and charged with assault-related offences including affray.
Those men were bailed to appear in Melbourne Magistrates’ Court on November 11.
A 21-year-old South Melbourne man was interviewed and released pending further enquiries.