Houston police were called to the Rancho El Dorado arena at 15231 S. Post Oak Road near Gatewood Court shortly after 3 a.m. in response to a shooting.
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At the scene, officers found two men with gunshot wounds. They were taken to the hospital in stable condition, according to police.
HPD said the shooting scene is not affiliated with the Houston Livestock Show and Rodeo. Rancho El Dorado reportedly hosts events every weekend.
"There was a rodeo adjacent from our regular rodeo that we have going on at NRG. It was a horse contest, I believe," Sgt. E. Rossow said.
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Investigators said the suspects fled in a dark-colored sedan.
Police did not have any information about the suspects or a possible motive.
Anyone with information about what happened is asked to contact HPD or Houston Crime Stoppers.