About 9.15am on Thursday, two men, aged 31 and 25, were involved in a physical altercation, police said, out the front of a newsagency on Morilla Street, Lightning Ridge.

The 25-year-old man suffered a large stab wound to his stomach. He contacted relatives who took him to Lightning Ridge hospital for treatment and police were alerted.

He was later airlifted to Westmead Hospital in a stable condition.

The 31-year-old-man went to Lightning Ridge Hospital with a broken tooth and abrasions to his face. Police subsequently arrested him, and after he was treated in hospital, he was taken to Lightning Ridge Police Station.

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As part of their investigations, officers then raided the 31-year-old man's Lightning Ridge home where they seized a bolt action .22 rifle; 118 rounds of .22 ammunition; a slingshot; about 1kg of what they allege is cannabis; a knife; two surveillance cameras; and clothing.

The 31-year-old man was questioned by police and was charged with wounding a person with intent to cause grievous bodily harm; supplying cannabis that's more than indictable and less than a commercial quantity; possessing a prohibited drug; possessing an unauthorised firearm; possessing an unregistered firearm; not keeping a firearm safely; possessing ammunition without holding a licence; and possessing or using a prohibited weapon without permit.

He was refused bail and will appear in Walgett Local Court.

Police will allege the pair are known to each other.