The confrontation was reported about 11:30 p.m. near the intersection of Ocean Front Walk and Ozone Avenue, a Los Angeles police spokesperson said.
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A bystander captured part of the altercation on video, which shows another witness yelling "Stop it! Stop!"
Los Angeles Police Department officers arrived at the scene to find two stabbing victims on the ground. The wounded individuals were transported to a hospital in stable condition; at least one underwent surgery.
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A suspect was later apprehended and also hospitalized. His condition was unknown and his name was not released.
The LAPD was investigating unconfirmed reports that a machete was used in the attack.