Lt. Mike Cook said the stabbings are believed to be gang-related.
Police responded to a report of a fight and found the two stabbing victims at Yarberry and Stillson drives near the Meadow Elementary School around 9:30 p.m., Cook said.
Both victims had suffered multiple stab wounds and were taken to local hospitals. They were listed in serious condition this morning but are expected to survive, Cook said.
Investigators believe the victims were challenged by another group of young males, possibly about the color of their clothing, Cook said.
The victims tried to run but were caught by the larger group who left in a car after the stabbings, Cook said.
Police investigated the stabbings overnight and a SWAT unit served a search warrant at a home in the 500 block of Lakeville Circle around 6 a.m. today, Cook said. One suspect was arrested there.
Two more suspects were later arrested after being pulled over on U.S. Highway 101 at Railroad Avenue, Cook said.
The case is still under investigation, Cook said.