Two boys aged 16 and 14 have been arrested on suspicion of attempted murder, following a disturbance at a house in WarwickshireA 15-year-old boy is being treated in hospital with injuries to his torso and arms, after the incident in Nuneaton, at about 22:00 GMT on Tuesday.
A man, aged 40, was treated in hospital, having suffered injuries to his arm and leg, and later discharged.
Warwickshire Police said a knife was seized at the scene, in Coventry Road.
Officers were called to a house following "a report of a disturbance and someone being assaulted with what is believed to be a bladed article", the force said.
The 16-year-old boy, from Nuneaton, was arrested on suspicion of attempted murder.
The boy aged 14, from Coventry, was held "on suspicion of possessing a knife/bladed article, possession of class B/C drugs and attempted murder", police added.
A third person was assessed by paramedics at the scene and discharged, the ambulance service said.