The boys, aged 13 and 14, are being questioned by detectives over the brutal attack in a Birmingham park.
The victim was chased and kicked to the floor before being knifed, cops said.
He was left in a serious condition with a punctured lung, while a 15-year-old girl he was with suffered minor injuries.
Confirming the arrests, a West Midlands Police spokesman said: "The teenagers are believed to have been involved in a knife attack on a 16-year-old male on the evening of Bank Holiday Monday.
"The 13-year-old was arrested at Birmingham Magistrates' Court yesterday where he’d appeared in connection with a fight in Birmingham city centre on 24 August. The older suspect surrendered to police."
Insp Greg Evans, said: “This was a very nasty incident and one that has left a teenage boy with injuries that will have life-long implications for him.
“We believe there was some kind of altercation between two groups of children which rapidly escalated and resulted in a stabbing.
“If anyone has any information about the attack or who may be responsible – or anyone who witnessed the attack at 6.40pm on Monday or people fleeing the park – I would appeal to them to get in touch.”
More to follow…
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