A 37-year-old man was arrested in connection with the incident in Vojakkala, a village near Haparanda on the border between Sweden and Finland.
The victim of the attack was found by a neighbour, who alerted the police. He was initially taken to Sunderby hospital but was later transferred by helicopter to Norrland University Hospital in Umeå where his situation remained critical on Wednesday morning.
For twenty years a feud has divided the neighbouring families of the victim and his attacker.
Two years ago police arrested eight members of one of the families after reports of shots being fired in the village. Two of the men were arrested on suspicion of attempted murder.