He was charged with a number of offences including Assault Occasioning Actual Bodily Harm.
The suspect is expected to appear before Limavady Magistrates’ Court this morning for a first remand hearing.
As is usual procedure, the charges will be reviewed by the Public Prosecution Service.
The PSNI said on Monday: “On police arrival, it appeared two males had been fighting, with one man sustaining a stab wound to the neck, just above his collarbone.
“A 40 year-old man was arrested at the scene for assault occasioning actual bodily harm.
“The second man, a 36 year-old, was taken to hospital for treatment to minor injuries.”