The IDF spokesperson's unit said there were 3-4 other suspects who allegedly took part in the attack but only one was harmed during the response from troops.
The wounded Israeli told medical personnel he was stabbed in the shoulder at a gas station while filling up his vehicle.
After receiving treatment at the trauma center at Sha'are HaTzedek hospital, the wounded Israeli was said to be in stable condition with two stab wounds.
Soldiers are currently searching for additional suspects.
The suspected attacker was identified Monday morning as 26 year old Anes Tah from a village east of Ramallah.
Tah was a former prisoner released from Israeli jail.
The attack was the third to occur over the last week.
Last Thursday, three IDF soldiers were wounded in a vehicular attack near Shiloh junction north of Ramallah. The attack was shot by a fourth soldier and his vehicle overturned leaving him seriously wounded.