"One has critical injuries and the other has left the hospital," the statement said.
A Lakes District Health Board spokeswoman confirmed one man was in a critical condition in the Emergency Department while the other had discharged himself.
Four men had been arrested and inquiries were ongoing, police said.
"A number of people have come forward and provided information for which police are grateful."
On Friday, afternoon armed police were seen guarding two properties, one on Turner Dr and one on Leslie Ave.
One man was seen being taken to hospital by St John ambulance with what appeared to be a head injury.
On their Facebook page, Bay of Plenty Police posted there had been a "serious incident in Turner Dr, Rotorua involving firearms".
"There is a large police response and presence in the area and enquiries are continuing as to what has occurred and who is involved.
"The police can confirm that there is no further danger to the community and the public can go about their business as usual."
The nearby Western Heights Primary School was closed for the year.
Bay of Plenty police district communications manager Kim Perks said last night it was too early to say whether or not the incident was gang-related.
She was also not prepared to provide any further details on the men's injuries, including whether they had been shot.
Anyone with information who hasn't yet spoken to police is asked to call Rotorua police on (07) 348 0099.
If anyone sees anything suspicious or anything that they feel requires an immediate response they should call 111.
