Officers said two men got into an argument on Monday afternoon on Prospect Avenue and West Beacon Street.
One had a gun, while the other had a hatchet.
Police said the 28-year-old man with a hatchet suffered a gunshot wound to the arm and that the shooter fled on foot.
Later in the day, officials located and charged 35-year-old Daniel Davis with assault, reckless endangerment, and other related charges.
He is being held on a $500,000 bond.
The shooting victim was treated and released at a local hospital.
Both weapons were seized by police.
The incident remains under investigation and more charges may be forthcoming.