"He was hit in the back with an axe," duty officer Sven Matzols of the Dalarna police told the local dt.se news website.
"We don't know exactly what happened."
Several police cars and an ambulance arrived at the scene of the attack, which took place around 10pm on Monday night on Norrskensgatan in central Borlänge.
The man was then rushed to hospital in nearby Falun where he was treated for his injuries.
While the victim's condition remained unclear late Monday night, he was able to speak with police and his injuries aren't considered to be life threatening.
However, he wasn't able to provide police with many clues about what prompted the attack.
"We didn't get much new information," said Matzlos.
Police continued to hunt for the perpetrator throughout the night and into Tuesday morning, but had yet to make any arrests for the case.
According to police, the axe attack, while not fatal for the victim, has been classified as a case of attempted murder.