A 52 year old man is under arrest for attempted murder and is due to appear in court later today to be remanded in custody.
The victim, aged 48, has been taken to Nicosia General Hospital with gunshot wounds from a hunting rifle in the stomach.
His condition is described as critical.
Police sources told the Cyprus News Agency that the attempt occurred at around 17.20 on Tuesday near the village of Lythrodontas in the Nicosia district.
They said that the victim had visited the suspect at his house, there was an argument and the owner of the house reportedly shot him in the stomach.
Police have also recovered the hunting rifle.