The incident happened when the accused Mohit Kaushal allegedly flung acid on Ankur when he was opening his shop, they said.
According to police, the duo are engaged in long standing rivalry.
Following the attack, Ankur was rushed to district hospital. His condition is reported to be stable, police said.
Kaushal was booked under section 326 A (voluntarily causing grievous hurt by dangerous weapons or means) of IPC and is arrested, they said.