It happened at the club "Bodi" in the 300 block of West Street just after 3 a.m.
Investigators said two people with gunshot wounds were taken to WakeMed by private vehicles.
The victims of the incident are 35-year-old Hany Mousa Shehadeh, of Rocky Mount, who sustained a gunshot wound to his face, and 23-year-old Keshon Oneil Johnson, of Charlotte, who sustained a gunshot wound to his wrist. Their conditions weren't released.
Police arrested 29-year-old Michael Adolphe Cadet, of Raleigh Friday night. He is charged with assault with a deadly weapon with intent to kill.
The shooting apparently took place in a parking lot across the street from the night spot.
Police said people inside the club would not come out when they arrived. Officers went in armed and got everyone out. They said some firearms were found.
At least 20 people were taken in for questioning.
According to the club's Facebook page, it was holding a back to school party for college students Thursday night. The club offered a free shuttle to Saint Augustine's and Shaw University students.
Bodi was back open Friday night.