Officers were called to Lowe Street in Whitmore Reans, Wolverhampton at 17:00 GMT on Thursday when a 17-year-old boy was found with stab wounds.
Several minutes later a second call was made to police when a shotgun was fired twice in nearby Deveron Close.
West Midlands Police believe the men, who have now been bailed, were linked to both incidents.
The teenager remains in hospital in a stable condition, police said.
DCI Chris Hanson said: "We believe both of these offences were linked and were the result of a dispute between two groups.
"The shooting happened following an argument between a group and a lone man with a gun."

More places will also be made available at all of Scotland's teacher education universities.
The increase of 60 primary and 200 secondary student teacher places will bring the total intake next year to 3,490.
The government said it was the fifth consecutive annual increase.
A campaign was launched in September to try to encourage more people to enter the teaching profession in Scotland.
The Scottish government's #inspiringteachers campaign is focusing on science, technology, engineering and maths.
Ministers are also asking the new Strategic Board for Teacher Education to consider whether further actions are needed "to make sure we have the right numbers of teachers in our schools".
In September, the leaders of seven councils called for a national taskforce to be set up to help deal with teacher recruitment problems.
They made the call at a summit on tackling teacher shortages in northern and rural parts of Scotland.
Student teacher places next year:
• 1,230 post-graduate primary places - 60 more than last year's target
• 710 undergraduate primary places
• 1,350 secondary places - up by 185 on last year's target
• 200 undergraduate secondary places - 15 more than last year's target
Education Secretary Angela Constance said: "We want to make sure we have the right number of skilled teachers in our schools to help all of our young people to succeed.
"That's why we worked with local authorities to maintain teacher numbers this year and aim to do the same again next year, with a further £51m funding.
"And it's why we are increasing student places for the fifth year in a row, targeting them at areas where they are needed most such as Aberdeen and Highlands and Islands universities.
"We have upped last year's student teacher targets for science, technology, engineering and maths and we know these will be challenging for the universities to meet.
"I will be asking the new Strategic Board for Teacher Education to look at our workforce planning, particularly in the secondary sector, to consider whether there is more we can do.
"We also launched a teacher recruitment campaign in September with a focus on the Stem subjects and we are working with the universities to maximise its impact."

Bradley Lowery, from Blackhall Colliery, near Hartlepool, was cheered by Sunderland fans when he appeared as a mascot for the team in September.
Opponents Everton pledged £200,000 towards his appeal fund.
His mother, Gemma, has revealed his cancer has grown and treatment would only give him more time.
Bradley was diagnosed with neuroblastoma in 2013, and underwent two years of "gruelling" chemotherapy.
It went into remission but returned in an aggressive form in June, and his only hope lay in antibody treatment in New York.
The family had hit the target, but his mother has now posted on Facebook; "I'm devastated to let you know that his cancer has continued to grow.
"We have had a meeting with Bradley's consultant and he has given us three options but... they all have the same outcome and that is Bradley will lose his fight.
"I honestly have no words to say how heartbroken I am right now.
"I really don't know how I'm going to make a decision either to take my baby home and have a couple of months with him or put him through more gruelling treatment that could leave him fighting for his life and to have the same outcome."
On hearing the news Sunderland AFC tweeted: "Keep fighting, Bradley!"
Ten men were arrested after a teenager was stabbed and gun shots were fired, police said.
[NEXT_CONCEPT]
The Scottish government has announced that it is making more than £2m available to train an extra 260 teachers next year.
[NEXT_CONCEPT]
The parents of a five-year-old cancer sufferer who raised £700,000 for treatment in the US have been told he has only has months to live.