Police were called to a fight in Banbury on Saturday night.
It happened on Hilton Road, at around 11.20pm.
Officers were called after reports that around 20 people were fighting in the road.
A 29-year-old man and a 34-year-old man were injured in the incident and were taken to Horton General Hospital for treatment. They have since been discharged.
A 29-year-old man from Banbury has been arrested on suspicion of ABH. He has been released on bail until August 27.
Investigating officer Det Sgt Mike West, based at Banbury police station said: “This was a very uncommon incident for this area, and we are carrying out a full investigation, and pursuing a number of leads.
“People living in the area will likely see ongoing police activity in the area while this incident is investigated.
“I would like to encourage anyone who has any information about this to contact me via the 24 hour non-emergency number 101.”
Witnesses can also call Crimestoppers anonymously on 0800 555111.