Armed police were called to Broad Street after a gun was fired at about 12.30am today.
A shell casing was found but no-one is believed to have been injured by the gunfire, police said.
But a woman in her 30s was injured when she was attacked in the head with what is thought to have been a machete.
The seriousness of her injuries is not yet known, but police described them as "not life-threatening".
A 36-year-old woman was arrested on suspicion of wounding and is in police custody.
#TeamC assisted with the investigation of a disturbance in #Bilston last night. After finding no one injured we continued to support @ResponseWMP and @WMPDogs meticulously searching the scene for evidence of what might have taken place. Enquiries continue. PG pic.twitter.com/vCDv3zwwJe— Firearms Operations Unit (@firearmsWMP) July 14, 2019
A spokesman for West Midlands Police said: "Police were called to reports of a disorder where a gun shot was fired in Broad Street, Bilston, around 12.30am today.
"No-one is believed to have been injured by the gunfire but a casing has been recovered.
"A woman in her 30s was hit with what is believed to have been a machete and taken to hospital with head injuries which are not life-threatening.
"A 36-year-old woman has been arrested on suspicion of wounding and is currently in police custody for questioning."
Anyone with information is asked to contact police via Live Chat at west-midlands.pnn.police.uk between 8am and midnight or call 101 anytime quoting log number 104 of 14/7/19.