The stabbing was reported at about 11 p.m. on the platform of the Civic Center station, located near the intersection of First and Mission streets, sheriff's Sgt. Rick Sung said.
Two people, both males, were stabbed by a pair of 16-year-old suspects, Sung said.
He said the suspects fled, but were stopped by San Jose police officers who had responded to assist. Both were arrested and booked into juvenile hall on suspicion of assault with a deadly weapon.
The victims were taken to a hospital with wounds that were not considered life-threatening.
The suspects are residents of San Jose.
Sung said detectives are continuing to investigate the case and have not yet determined whether the stabbing was gang-related.