At approximately 6pm yesterday evening (Thursday 29 December 2022), officers responded to reports of a firearms discharge in Overdale, Swinton.
Specialist firearms officers attended and secured the scene. Bags containing what is estimated to be several tens of thousands of pounds of cash have also been recovered.
One person is also reported to have had their bag stolen during the incident.
Two males have since been arrested on suspicion of Money Laundering, Firearms offences and drug offences.
One man has been taken to hospital with injuries that are not believed to be life-threatening or life-changing.
A scene remains in place whilst officers carry out their enquiries.
Detective Inspector Charlotte Poole said: "I would like to reassure the local community that we have increased the number of patrol officers deployed to the area and are working at pace to understand the full circumstances surrounding this incident.
"If you have any concerns about this incident, please speak to one of our officers in the area who are on hand to support you.
"We would like to urge the public to come forward if they have any information that could assist our investigation, whether it be CCTV footage, doorbell footage, photos, or descriptions of the suspects or events, we would ask that you report it to us directly."