The 34-year-old from Church Stretton was arrested on Saturday afternoon and has since been bailed pending further enquiries, West Mercia Police said.
The arrest comes after a man was taken to hospital following a suspected stabbing outside Shrewsbury's Fever & Boutique nightclub in Hills Lane, in the early hours of Saturday morning.
Officers said that it is believed the man had been attacked by another man "with what’s thought to have been a knife" at 3.10am on Saturday, but said the 27-year old victim's injuries "are not deemed to be life-threatening".
A statement from the force said they believed the incident had followed an earlier altercation in the club.
Police taped off a large area of a town centre, including the Bridge Street car park and part of the Welsh Bridge, throughout Saturday morning.
Detective Inspector Joanne Delahay said they believe the incident was isolated, and that there is no wider risk to the public.
Police have appealed for anyone who witnesses the assault to get in touch. They are asked to quote incident 83i of March 19, either by using the form on the website or by calling the non-emergency number, 101.
A West Midlands Ambulance Service spokesman said: "We were called to reports of a stabbing on Hills Lane at 3.07am on Saturday morning.
"One ambulance and a paramedic officer were sent to the scene. On arrival we discovered one male patient, who was treated for potentially serious injuries before being taken to hospital for further assessment."
People can also call Crimestoppers anonymously on 0800 555111 or visit their website.