Police say the men were shot right around the intersection of Waco St. and Stone St., just before 3 a.m.
Both victims were taken to WakeMed in Raleigh, where their conditions have not yet been released.
Eyewitnesses told ABC 11 many of the shots that were fired entered an occupied structure, with as many as three bullets entering a bedroom and hitting both a dresser and a crib where a baby was sleeping.
Late Saturday afternoon, Cary Police announced they arrested Daniel Lawrence Olvera, 20, and charged him with three counts of assault with a deadly weapon with intent to kill inflicting serious injury.
On Monday, authorities arrested a second suspect, 20-year-old Noe Bernal Lagunas. He has been charged with three counts of assault with a deadly weapon with intent to kill inflicting serious injury and one count of discharging a firearm into an occupied dwelling.
Police say the investigation is continuing, and more charges are expected in the case.