Charges have been laid by the Moose Jaw Police Service after a report the gunshots on South Hill Friday night.
At approximately 5:45 p.m., police received a call of two suspects firing what appeared to be handguns.
According to police, the caller helped officers track down the suspects that had left the area on bikes.
Police say the suspects had been drinking alcohol and were in possession of several weapons including three knives and BB guns painted to look like realistic handguns.
The suspects have been charged with possession of weapons dangerous to the public and have been released on conditions for a later court date.
The police are reminding the public that all firearm incidents are treated seriously and the use of CO2 guns within city limits is illegal.