The incident occurred on Marksbury Road around 7pm.
Due to the nature of the incident, armed officers were dispatched to the scene.
The police helicopter was also requested to assist in the search for the perpetrators.
At around 8.30pm, two teenage males, aged 15 and 16, were arrested on suspicion of attempted murder from another property in south Bristol, and they remain in police custody.
The victim was taken to the hospital and is still being treated for injuries that are not thought to be life threatening or life changing.
“We understand the community’s concern that an incident like this involving young people will cause, and we’d like to reassure them that we’re conducting a thorough investigation into what happened,” Detective Inspector Peter Walker said.
While our investigation is still in its early stages, we believe this was an isolated incident involving people who knew each other.
Officers have already interviewed several witnesses and have gone door-to-door to see if anyone has any additional information.
Specialist crime scene investigators examined the scene, and we will also review CCTV footage from the area.
To reassure local residents, we will conduct additional patrols in the area, and I would encourage anyone with information or concerns about the incident to contact an officer.”
If you can assist, please dial 101 and give the operator the reference number 5222203576.
You can also provide information anonymously to the independent charity Crimestoppers by visiting their website at www.crimestoppers-uk.org or calling their UK Contact Centre at 0800 555 111.