A 17-year-old male was injured with a firearm and an 18-year-old man was injured with a knife on Thursday evening at a property in Oxford Street, Rugby.
After emergency services were attending to the 17-year-old, Warwickshire Police found the 18-year-old man with a knife wound after they were called to the address at 8.55pm on March 17.
They are both being treated in hospital for their injuries which are not believed to be life-threatening.
There were a number of people in the property at the time and officers are appealing for them to come forward.
Officers are currently engaged in an active search for the offenders, believed to have been at the address on Oxford Street at the time of the incidents.
They may have left from the back of the property and travelled on foot along Argyle Street and Cambridge Street.
The road remains cordoned off to allow experts to carry out a detailed search.
Superintendent Martin Samuel from Warwickshire Police said: “We are actively searching for people who were at the property at the time who we believe may be able to help with our investigation.
“There will continue to be an increased police presence in the area, whilst we understand the concerns of the local community, I would like to reassure people there is no evidence to suggest a wider risk to public safety.”
Police are appealing to anyone who was in the area of Oxford Street, Argyle Street and Cambridge Street at the time to call them on 101 quoting incident 447 of March 17 2016.
Alternatively, call Crimestoppers anonymously on 0800 555 111.