The alleged 'one-punch' attack happened about 3.20am on Tuesday in Cow Lane, sparked by an altercation in a bar in Camp St between two pairs of men, police say.
A critically injured man remains in a coma in Dunedin Hospital's intensive care unit.
Detective Sergeant Derek Shaw said a 24-year-old man was today charged with grievous bodily harm.
Another man, also aged 24, had been charged with being a party to grievous bodily harm.
Both would appear in Queenstown District Court on Monday.
Police thanked the public for their assistance, as information provided directly led to the arrests.
Earlier, Sergeant Steve Watt said the incident highlighted how the consequences of a single punch could be "extremely severe''.
"We're constantly saying to people that it only takes one punch to cause serious damage. It certainly has in this instance.''
Police were "continually monitoring'' the condition of the victim, who is Sri Lankan and had been working in Queenstown for "many years'' as a chef, Sgt Watt said.
