A military spokeswoman said the attack occurred after an Israeli motorist exited his vehicle because stones were being thrown at it.
"The Palestinian then attacked the Israeli, stabbing him in the chest, before fleeing the scene," she said.
The Hadassah hospital in Jerusalem said they received a 58-year-old man who sustained a stab wound to the chest as well as a head wound from a stone, noting the attack took place near the southern West Bank settlement of Metzad.
The army said meanwhile that "two assailants disguised as ultra Orthodox (Jewish) men attacked the Israeli," who shot at them before they fled the scene.
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There was no immediate official word on whether the two incidents were linked.
Today's attacks were the latest in the wave of violence that has seen knife and gun attacks against Israelis in recent weeks.
Earlier Today, police said they arrested an Arab on a bus heading to northern Israeli city Tiberias, after another passenger heard him expressing his intention to die as a martyr.
Police found a knife and skullcap hidden on him, a statement read.