The men, 22 and 23, are being treated at the Queen Elizabeth University Hospital in Glasgow after locals in the Langlands Road area of the city reported hearing gunshots.
Police officers did not find anything when they searched the area but the two men arrived at the hospital with gunshot wounds a short time later. Their injuries are not thought to be life-threatening.
The road was closed for investigations after the incident, which took place at about 9:30pm on Monday.
Specialist officers have been examining the scene and police are also carrying out door-to-door inquiries.
Detective Inspector Tom McKean said: “We believe this was a targeted attack and the two injured men were the intended victims.
“Officers are speaking to people in the surrounding area to ensure we gather as much information to help us piece together the circumstances of what has happened here.
“There have been some reports of a red-coloured car in the area around the time of the incident and I would like to speak to anyone who may have seen this vehicle as it may be significant to our investigation.”
Mr McKean appealed to anyone who had been in the area at the time to come forward, saying the support of the local community was needed in finding those responsible.
He said: “This incident will undoubtedly be of concern to members of the public and I would like to reassure local residents that we are doing everything we can to find whoever did this as soon as possible.
“We will also have additional patrols in the area to provide reassurance and they will be happy to speak to anyone who has concerns.”