Officers were called to Lowe Street in Whitmore Reans, Wolverhampton at 17:00 GMT on Thursday when a 17-year-old boy was found with stab wounds.
Several minutes later a second call was made to police when a shotgun was fired twice in nearby Deveron Close.
West Midlands Police believe the men, who have now been bailed, were linked to both incidents.
The teenager remains in hospital in a stable condition, police said.
DCI Chris Hanson said: "We believe both of these offences were linked and were the result of a dispute between two groups.
"The shooting happened following an argument between a group and a lone man with a gun."
Ten men were arrested after a teenager was stabbed and gun shots were fired, police said.