In a statement, Tasmania Police said the 35-year-old Karoola man was shot during an argument with another man at an address on Lilydale Road.

The two men are known to each other.

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"Police are yet to locate and speak to the man responsible, however, he is not considered a risk to the general public," the statement reads.

The victim was taken to Launceston General Hospital where he remains in a stable condition after undergoing surgery to his arm.

Anyone with information is asked to contact Northern Criminal Investigation Branch on 131 333 or Crime Stoppers on 1800 333 000.