The incident occurred near Schrader and Hollywood boulevards around 2:15 a.m.
Patrol officers in the area said they heard about six shots.
Both victims, identified as men in their 20s, were shot in the lower part of their bodies. One was struck in the groin and the other in his buttocks and a hip. Both remain in stable condition at a local hospital.
No arrests have been made but investigators believe the shooting was gang-related.
CNS contributed to this report.