Shepparton police Sergeant Darren Wagstaff said four men got into an altercation in Maude St, near Fryers St, Shepparton, at about 1am on Sunday, March 2.
Police said CCTV footage of the incident showed that one man produced a glass bottle, which he allegedly smashed and used to slash a 23-year-old Shepparton man and a 52-year-old Shepparton man.
The 23-year-old received lacerations to his neck area and upper body and was taken to GV Health via ambulance in a stable condition before being discharged later with superficial injuries.
The 52-year-old also sustained lacerations and bruising to his body and was knocked unconscious, but refused medical treatment beyond what was provided on the scene.
Sgt Wagstaff said the four men involved were known to each other and known to police.
He said two of the men involved had left the scene by the time police arrived, while the other two men refused to provide statements.
Multiple intoxicated members of the public breached a crime scene boundary that police had created while paramedics were still administering treatment to the two injured men.
Several police officers were assaulted as they tried to control the crowd, which resulted in four people being sprayed with capsicum spray.
Three people were arrested on Monday and are helping police with their inquiries.
Police investigations into the incident are ongoing.