shortcut = shell.CreateShortCut(path).QueryInterface(IWshRuntimeLibrary.
    IWshShortcut)
shortcut.TargetPath = 'C:\x0cile.exe'
args = ['C:\x0colder\x0cile.ext', argument]
shortcut.Arguments = ' '.join(args)
shortcut.Save()
Python, create shortcut with two paths and argument