Emergency services were called to reports of a stabbing in Stony Lane, in the Smethwick area, at around 4.45pm on Wednesday.
Two men, aged 21 and 22 years old, were treated for serious stab injuries by paramedics at the scene, before being taken to hospital for further treatment.
An Audi Q7 vehicle that fled the scene was later stopped by police in Apollo Road, Oldbury, and five people were arrested on suspicion of attempted murder – including two teenagers.
One of the men arrested also had an injury to his hand and was treated by paramedics, before being detained.
West Midlands Police detectives believe it was a targeted attack, and are appealing for witnesses to come forward. Stony Lane was cordoned off while police carried out enquiries at the scene.
A West Midlands Police spokesman said: "We’ve launched an investigation after three people were injured in disorder on Stony Lane, Smethwick at around 4.45pm on Wednesday afternoon.
"Two men, aged 21 and 22, were found at the scene with stab wounds and taken to hospital. Although their injuries are quite serious they are not thought to be life-threatening at this time.
"An Audi Q7 that fled the scene was later stopped by traffic officers in Apollo Road, Oldbury and five people were arrested.
"Two men aged 21 years old, a 20-year-old man and a 16-year-old boy were arrested on suspicion of attempted murder and possession with intent to supply Class A drugs. A second teenager, aged 17, was also arrested on suspicion of attempted murder.
"One of the 21-year-old-men had an injury to his hand and was treated by paramedics before being detained.
"All five remain in custody and will be questioned in due course.
"Stony Lane was cordoned off for a time to allow officers to examine the scene and collect vital evidence, including CCTV.
"Although the motive is unclear we believe this was a targeted attack. Extra officers will be in the area over the coming days to reassure local people as our investigation continues."
A spokesman for West Midlands Ambulance Service said: "We were called to reports of a stabbing on Stony Lany at 4.44pm on Wednesday, two ambulances, a paramedic officer, the West Midlands Care Team and the Midlands Air Ambulance Critical Care Car attended the scene.
"On arrival we discovered two patients, both males, who were treated for serious stab injuries before being taken to hospital for further assessment."
Anyone with information is urged to call West Midlands Police on 101, quoting incident number 3210 of June 23.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org