Police were dispatched to the scene on Gould Street near Yonge Street at about 11 p.m. last night and found a male victim suffering from serious but non-life-threatening injuries.
Police said the victim didn't know his attackers and that a verbal dispute may have led to the attack. He had been stabbed at least seven times.
Police taped off a section of the pedestrian walkway as they searched the area for discarded weapons.
It's not known whether the two people arrested are also students at Ryerson.
Toronto police are also investigating an unrelated stabbing Wednesday night involving a teenager who was found in the city's north end near Jane Street and Steeles Avenue West with stab wounds.
The teen's injuries are considered non-life-threatening and there is no word on a suspect.
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