People were allegedly threatened with a machete outside the Australian Hotel, Shepparton, early on Saturday morning.
Shepparton police Senior Constable Jessica Steviano said two men allegedly parked outside the Australian Hotel about 12.30am.
The pair then allegedly threatened members of the public with a machete, before driving away, she said.
No-one was injured in what police believe was a targeted attack.
Police arrested two Shepparton men in Mooroopna about 11am Saturday, Sen Constable Steviano said.
A 19-year-old man was charged with affray and committing an indictable offence while on bail.
A 20-year-old man was charged with affray, assault with a weapon, possessing a controlled weapon and possessing cartridge ammunition.
They both applied for bail at Shepparton Magistrates’ Court on Monday, May 9.
The men were remanded in custody and the matters have been adjourned part-heard.
Sen Constable Steviano asked anyone who witnessed or has any information about the alleged incident to contact her at Shepparton Police Station on 5820 5777 or submit an anonymous report to Crime Stoppers on 1800 333 000 or at www.crimestoppervic.com.au