The two patients were treated for multiple stab wounds when paramedics were called to Caldmore Green just before 7pm on Thursday.
A blood-spattered car could be seen in the street, while other debris including discarded flip flops lay in the road behind it.
The men, aged 30 and 31, were taken to hospital, but have since been discharged and are now in custody on suspicion of violent disorder.
Two other men have also been arrested – a 20-year-old on suspicion of assault and a 48-year-old for violent disorder – they remain in police custody.
Jamie Arrowsmith, spokesman for West Midlands Ambulance Service, said: "We were called to reports of a stabbing on Caldmore Green at 6.56pm.
"Two ambulances, a paramedic officer and a MERIT trauma doctor attended the scene. On arrival we discovered two patients, both men, who were treated for multiple stab injuries.
"They were both treated for injuries not believed to be non-threatening before being taken to hospital for further treatment."
West Midlands Police said officers believe the violence escalated from a neighbour dispute, but are keeping an open mind as to what has taken place.
Extra officers will be in the area to reassure local people as the investigation continues.
Anyone with information about what happened or who has video footage of the incident should message the force on Live Chat via west-midlands.police.uk 8am – midnight, or call on 101 anytime quoting log number 3729 of 22 July.
Or call Crimestoppers on 0800 555 111.