The 30-year-old victim suffered multiple knife wounds in the violence in Stockwell Road, Handsworth.
Numerous police officers were sent to the scene at around 3am on Tuesday, including dog handler Pc Dave Short with police dog Viper.
PD Viper then followed a scent over several streets and led officers half a mile to an address where a 14-year-old boy was found injured.
Another boy, aged 15, is believed to have run away as PD Viper arrived but later presented himself for treatment.
Both of the boys were taken to hospital for treatment and arrested on suspicion of wounding.
Meanwhile the stabbing victim remains in hospital in a serious condition. However his injuries are not thought to be life-threatening.
Detective Sergeant Marc Petford, from West Midlands Police said: "We’re working to understand exactly what happened and how all three came about their injuries.
"The dog did a brilliant job at the scene to pick up a scent and follow it over a considerable distance to an address about half a mile away where we made an arrest.
"It just goes to show the invaluable role dogs play in policing."
Anyone with information should contact the force via live chat through their website or call 101 quoting log 319 from September 14.