Police were called to the Horsefair area of Kidderminster on Tuesday afternoon where they attended a "serious incident".
Both men found with stab wounds were taken to Birmingham's Queen Elizabeth Hospital in Birmingham and will be questioned when they are well enough after being arrested on suspicion of assault.
West Mercia Police said on Tuesday afternoon that a cordon remained in place at Emery Court on Baxter Avenue, and a heavy police presence, including armed officers and dogs, would remain while investigations continued.
Inspector Dave Evans from West Mercia Police said: “I’d like to thank the public for their patience while we investigate this incident.
“I understand that a heavy police presence can be alarming, but would like to reassure the community that we believe this is an isolated incident with no wider threat to the wider public.
“Police will remain in the area this afternoon and in to this evening to offer reassurance so please feel free to speak to an officer if you have any concerns.”