The idea here is rather using rounded corners
than a Bezier curve.

\documentclass{article}
\usepackage{tikz}
\begin{document}
\begin{tikzpicture}
\draw[->](0,0)--(5,0) node [below left] {Volume of NaOH};
\draw[->](0,0)-- node [sloped,at end,above left] {Conductivity} (0,5) ;
\draw[rounded corners](0,2) node[left]{A} -- (1,1)node[below]{B} -- (3.2,4) node[above left]{C} --(4.6,4) node[above]{D};
\end{tikzpicture}
\end{document}
EDIT: If you want to round only point B, just separate the drawing into two different parts:
\documentclass{article}
\usepackage{tikz}
\begin{document}
\begin{tikzpicture}
\draw[->](0,0)--(5,0) node [below left] {Volume of NaOH};
\draw[->](0,0)-- node [sloped,at end,above left] {Conductivity} (0,5) ;
\draw[rounded corners](0,2) node[left]{A} -- (1,1)node[below]{B} -- (3.2,4) node[above left]{C};
\draw (3.2,4) --(4.6,4) node[above]{D};
\end{tikzpicture}
\end{document}
