One of the suspects was shot and killed, though it is not clear if the suspect was shot by an occupant of the house or by police.
Three of the four injured occupants of the home were treated at area hospitals and released Thursday evening. One of the shooting victims remains at Riverside Community Hospital.
Riverside police are searching for the second suspect. There has been no description of the suspect or any vehicle released.
The shootings happened in a neighborhood just north of the University of California-Riverside and Watkins Drive. The neighborhood is not adjacent to the university, but is a short walk away.
Officials say all of the involved individuals are young Asian males. The second suspect, who has not been found, is described as a young, Asian male in his twenties. He was seen fleeing the scene in a two-door, gray or sliver, Honda-type coupe.
There are no arrests at this time.
Anyone with information helpful to this investigation is asked to call Riverside Police Department Detective Ron Sanfilippo at (951) 353-7105 or Detective James Brandt at (951) 353-7137.
Eyewitness News reporter Rob McMillan contributed to this report.
Early reports indicated there were four people shot; However, the fourth person actually suffered serious head injuries.