A man was critically injured during a stabbing at Merrigum on Saturday, May 2.
Police were called to a caravan park in Waverley Ave at about 3.45am on May 2, after several calls to police reported a brawl involving knives.
Police arrived to find several people they believed were inebriated.
A 30-year-old man was found critically injured in one of the cabins at the park.
He was treated by ambulance paramedics before being airlifted to hospital with life-threatening injuries.
Police seized a knife from the scene.
A 51-year-old man from Merrigum and a 28-year-old man from Cootamundra, NSW, were arrested and interviewed later the same day.
They have since been released pending further inquiries.
Members from the Major Crime Scene Unit attended to process the scene, while Shepparton Crime Investigation Unit detectives continue their investigation.
Anyone who witnessed the brawl or with information is urged to contact Shepparton Crime Investigation Unit on 5820 5777 or Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppersvic.com.au