Hoffman Estates police say 35-year-old Michael Fleming is facing several felony charges in connection with the alleged attack, including attempted murder, aggravated battery of a victim over the age of 60, aggravated battery with a deadly weapon and aggravated battery causing great bodily harm.
Officers say the incident allegedly unfolded just after 3:30 p.m. on Thursday in the 3500 block of Hillside Court.
Police were initially called to the scene following a report of a fight in the area.
Officers said the 911 caller who reported the incident told dispatchers that a fight had broken out between their neighbor and a man who had already fled the scene.
When officers arrived, they found an 87-year-old man who had suffered several cuts, including one to his throat.
Before he was taken to the hospital, the victim told police that Fleming was allegedly responsible for the attack.
Officers said the victim had told police the name of the suspect, and it was later determined that the two were known acquaintances.
Authorities quickly caught up with Fleming near Otis Road in Barrington Hills, where he was taken into custody without incident.
The victim injured was later taken to the hospital where he was listed in stable condition.
It remains unclear what led up to the incident and an investigation is now underway.
Officers say they believe the incident was isolated and there is currently no threat to the community.
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