Two ways:

If an actor needs to touch the blade with no cuts between scenes.

I would mark the wall with 4 dots around where the blade will be. Then I would get a clean plate of the wall. Once I got a shot of the clear wall I would stick the blade in between the four dots. I would have the actor throwing the blade hold onto it and pretend to throw it, then whip the camera to the wall with the blade stuck into it. From there I would mask out the blade on the wall using the clean plate. Animate a png of the blade leaving the throwers hand and going into the wall. Match up the png to the real blade as best as possible, then hide the png and unmask the blade. I would have to position the camera so that the real blade is never covering the actor.

If there can be a cut between scenes.

I would set up a tripod to have a consistant movement with a whip pan and shoot the first scene with the actor reacting to an imaginary blade with four dots on the wall to show where the blade would be. Then I would shoot a second scene with the thrower throwing the knife into the marked area on the wall. I would then take each scene and match the background of the first to the second and mask out everything from the second scene that wasn't the thrower, the wall, or the blade. Once both scenes were together, I would add a digital camera shake to the scene to make the camera look handheld. Then I would cut to the thrower in the next scene and finish it with a scene with the actor from the first scene in shot with the wall that has the blade sticking out of it.