The incident was reported about 11:20 p.m. in the area of 3rd Street and Burlington Avenue, according to the Los Angeles Police Department.
The two victims each suffered multiple lacerations to their upper torso and were transported to a hospital, where they underwent surgery and were later upgraded to stable condition.
The suspects were described only as possibly three males who fled in a sedan, investigators said.
The motive for the attack was unknown.
LAPD Sgt. Frank Baneulos said there were "varying stories of what type of weapon was used."
"At this point, all we know is that it's a large, edged weapon," the sergeant said. "The victims sustained injuries that are consistent with a large, edged weapon."