The 18 and 16-year-old, who have not been named, were detained following a police chase yesterday evening (Tuesday).
Officers who had been patrolling nearby Shard End had been flagged down at around 8.30pm, by a resident who had reported a gang of armed riders trying to steal a scooter in Hartshill Road.
Police picked up the trail of three bikes, which led their pursuers through areas including Castle Bromwich and Ward End.
In their haste to escape the riders had sped down the wrong side of a dual carriageway and along pavements.
One vehicles was cornered in Shopton Road where a Yamaha 125 bike - confirmed stolen in Erdington a day earlier - was dumped and two young men attempted to escape on foot.
The pair were caught after a brief foot chase and remain in custody on suspicion of vehicle theft, knife possession and robbery; the juvenile will also be questioned on suspicion of dangerous driving.
Det Insp Jim Church said: "A witness has told us one of the teenagers discarded a machete as they fled… and that it was thrown in the direction of a young child. Thankfully no-one was hurt."
The weapon (pictured) was recovered from the scene and two motorbikes have also been seized.
Officers said they were worked to trace other suspects and urged anyone with information to come forward.
Call West Midlands Police direct on 101 or Crimestoppers, anonymously, on 0800 555111.
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