West Midlands Police were called to Willenhall Road on Saturday after receiving reports of a firearm being discharged.
A 23-year-old man self-presented at hospital not long after the incident with injuries to his leg and has remained in hospital in a stable condition.
Two men were stopped in Birmingham in the early hours of Sunday morning in a car believed to be involved in the disorder, with a 35-year-old and a 25-year-old arrested and remaining in police custody.
Officers have been investigating what happened at the scene in Willenhall Road, as well as offering reassurance to the community and checking CCTV.
A spokeswoman for West Midlands Police said: "An investigation has been launched into disorder in Wolverhampton yesterday.
"We were called to Willenhall Road at around 4.10pm to reports of a firearms discharge
"A 23-year-old man self-presented at hospital shortly after the incident with an injury to his leg where he remains in a stable condition.
"In the early hours of this morning, officers stopped a car in Birmingham believed to have been involved in the disorder and arrested two men aged 35 and 25. Both men remain in police custody."
Inspector James Bird from Wolverhampton Police, said: “We understand the concerns around gun crime and run regular operations to disrupt and deter this.
"We will have officers in the area today to offer reassurance to the community and will continue to carry out further CCTV enquiries to establish the full circumstances of what happened.”
West Midlands Police have asked for anyone with any footage or information about this incident to contact then via Live Chat on the West Midlands Police website quoting log 2616 of 21 January.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org