The incident happened in the Talbot Street area at around 6pm on Saturday.
Police are quizzing the 37-year-old suspect on suspicion of grievous bodily harm and possession of an offensive weapon with intent.
The victim was taken to hospital where he was treated for his wounds, which are not believed to be life-threatening.
The woman was later rearrested on suspicion of attempted murder.
She has since been released on bail while police continue with their investigation.
COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? email@example.com