The men, aged 24 and 30, were arrested after police conducted raids across Manchester this morning as part of their investigations.
It comes after a gun was fired on in the early hours of August 12, the same weekend of the Caribbean Carnival.
Twelve people were treated in hospital, including a 12-year-old girl.
The men are today being questioned by detectives on suspicion of attempted murder and possession of a firearm.
The incident happened during a street party on Claremont Road following Manchester's Caribbean Carnival, held in nearby Alexandra Park.
Police said several people received pellet injuries but none were life-threatening.
Detective Chief Inspector Colin Larkin, who is leading the Major Incident Team investigation, said: “Since this dangerous attack we have trawled through all available CCTV and intelligence to try and piece together the events of that morning.
“Today our investigation has led us to the arrest of two men and we will continue to question them in relation to the shooting. “Our priority is, and will continue to be, to find those responsible.
“I would still urge the community to come forward with information as our investigation does not stop here. If you know anything, then please tell us.”
Anyone with any information should call police on 0161 856 6777 quoting incident number 297 of 12 August or the independent charity Crimestoppers anonymously on 0800 555 111.
Anybody with images or video of the incident can send them to police via Dropbox using [email protected]
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