"We've arrested him after interrogations," said officer Sven-Åke Petters, press spokesman for the Dalarna police force, to news agency TT.
Police were alerted to the shooting around 1pm on Saturday, when reports of a man found lying in the street with bullet wounds came in.
The man was conscious when found, and taken to the hospital. According to the police, the man has had surgery.
Falu Hospital reported that the victim was shot in the stomach. He is reportedly severely injured.
The motive behind the shooting is not known. According to Petters, several investigative efforts have been put to work.
The suspect was arrested around 4pm. He's been previously charged with drug related offences, but not with any violent crimes.
The weekend has been rowdy in Ludvika. On Friday night a 44 year-old man was attacked on the streets in the small town. He later died from the injuries he had sustained.
According to the police, however, the murder and the later shooting aren't connected.
"With the information we have and are working with, there's no reason to believe that they are related in any way," said Petters.