Knife-wielding man shot by NSW police

A knife-wielding man has been shot in the arm by police as he was arrested at the scene of a stabbing in far west NSW.

The 41-year-old allegedly confronted officers with knives after they were called to a home in Dareton about 3.30pm Friday.

One officer hit him with a Taser, while a second discharged his firearm, hitting the man in the arm.

The man was taken to Mildura Base Hospital across the border in Victoria in a serious but stable condition.

The stabbing victim, a 63-year-old, was found inside the home with a number of wounds and was also taken to hospital in a serious but stable condition.

Detectives set up a crime scene and an investigation will take place into the discharge of the police firearm.

Police said they were not looking for anyone else in relation to the incident.