The alleged attack took place in Glen Waverley on Kerrie Road at about 8.40pm on March 17.
The 46-year-old woman had parked her Mazda CX-9 and was sitting inside when two men approached her.
One of the men allegedly held a knife towards the woman after opening the passenger door, while the second man opened the driver’s door and demanded the woman to get out before allegedly threatening her with a knife.
The woman was stabbed in the hand and tried to run from the car, but became stuck in her seat belt.
She was then allegedly dragged approximately 100 metres along the road after the second man took control of the car.
The woman fell from the car and was taken to hospital with serious injuries.
Detectives arrested a 17-year-old Roxburgh Park teen on March 25 and charged him with 19 offences, including aggravated carjacking.
He was remanded to appear before a children’s court at a later date.
“Detectives are hoping to identify the second male involved and have released CCTV footage as part of their investigation,” a Victoria Police statement read.
The man is described as African in appearance, approximately 183cm tall and was wearing a black puffer jacket and light grey tracksuit pants.