The men, both aged 23, are in police custody in Blackpool, where the attack occurred.
Lancashire Police said a 26-year-old man was assaulted as he got out of his car in the seaside resort at around 6.55pm on Tuesday.
He was approached by four or five men who launched the 'violent attack' in which he was hit repeatedly, punched with a knuckleduster and stabbed with a knife, said a police spokesman.
The group fled the scene in a black Volvo S40 Sport which was later spotted by police in the Swinton area of Manchester.
After a short pursuit, the vehicle was abandoned and the occupants were chased by officers.
Lancashire Police said two Doncaster men were arrested on suspicion of grievous bodily harm.
The victim was taken to Blackpool Victoria Hospital where he was treated for a stab wound to his right arm and a slash injury to the side of his head.
Police say the attack is believed to have been targeted.
Detective Sergeant Ellie Gomerson, from the Blackpool Public Protection Unit, said: "We believe this was a targeted attack by a group of men who knew the location of the victim and intended to cause him serious harm.
"We need anyone who may have witnessed the assault, seen the men or the vehicle in the Horsebridge Road area at the time to get in touch."
Anyone with information about the incident should call Lancashire Police on 101 or Crimestoppers on 0800 555111.