Officers responded to Broadway and West 33rd Street, just a block away from Penn Station, around 8 p.m. for reports of a person shot.
When officers arrived, they encountered a 33-year-old man with a gunshot wound to his left leg.
He was taken to the hospital for treatment.
According to police, the 33-year-old man had pulled the knife and began taunting a hot dog vendor before pointing the knife in the direction of 4 men nearby.
The men came over and a dispute ensued. One of the men pulled a gun from his book bag and fired one shot, striking the knife wielding man in the left leg, investigators said.
They fled the scene, but police have arrested Mamadou Diallo, 34, and Mamadou Balde, 31, on assault charges.
The NYPD is still looking for two other suspects, including the suspected gunman.
The wounded man, who is from Brooklyn, has 19 prior arrests for assault, strangulation, criminal ,mischief, criminal contempt and robbery, police said. He was wanted on an outstanding warrant at the time pf the shooting.
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