Officers attended Forest Lane, E7, after a call was made at 11.53pm on Thursday, 9 January to reports of the incident.
The victims, aged 19 and 23, were taken to hospital by the London Ambulance Service, both with multiple injuries. They are both in a critical but stable condition.
The arrested teenager, a 17-year-old male [A], remains in police custody.
A Section 60 has been authorised for Newham, between 12am and 10am.
The roads around Forest Gate railway station were partially closed as initial enquiries took place. All scenes have now been lifted.
Anyone with information is urged to police on 101, quoting CAD8578/09JAN,