The man lost teeth and suffered cuts and bruises and the woman suffered facial and arm injuries, including fractures.
They remained in Whakatane Hospital overnight recovering from their injuries.
The pair were camping near a skatepark at the intersection of McAllister and Beach streets in Whakatane when they were woken.
They managed to escape their attackers and knocked at a nearby house for help. A member of the public who heard screams also contacted police.
When officers arrived they found the robbers ransacking the tent.
They fled, but a police dog tracked them to a river, where two people were arrested. Two others were arrested a short time later.
Police said the Whakatane police station had received an "overwhelming" number of calls offering donations and accommodation for the couple.
Police asked people to email messages of support to ebop.cib@police.govt.nz to free up the station telephone line.