Detectives were called to Haydock Street in the town at about 22:40 BST on Saturday and found the man's body, Greater Manchester Police said.
The victim's family has been informed and a post-mortem examination is due to take place.
A 50-year-old man is in custody for questioning.  Witnesses have been urged to contact police.
A man has been arrested on suspicion of murder after a body was found at a property in Bolton.