The pair were knifed after a row erupted between four couples – two British and two Romanian – in the early hours of this morning.
Pictures of the aftermath of the fight show blood splattered on the streets in the popular Spanish tourist resort of Torrevieja.
One 59-year-old victim suffered stab wounds to his chest and leg while a second, 35, was knifed in the arm.
They were rushed to hospital following the attack where their condition is said to be severe but not life-threatening.
It is not yet known whether the Britons were tourists or living locally.
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Witnesses described the two male aggressors as Romanian and said the violence flared after a row.
The double stabbing took place outside an unnamed bar in the El Chaparral area, a residential district on the outskirts of Torrevieja.
The men responsible are understood to have been identified but it is unclear if they have been arrested.
One of the suspects is believed to have dropped his mobile phone as he fled the scene of the crime.
Civil Guard officers based in Alicante are leading the investigation.
In July, a British tourist was injured outside a nightclub in the Costa Blanca after being caught up in a “gangland” shooting.
Police said the 42-year-old was wounded in the bottom by a what is believed to have been a ricochet bullet.
Last year, police in Orihuela Costa, not far from Torrevieja, arrested a gang of violent teenage burglars who specialised in targeting British expats.
The group broke into an estimated 15 properties during their crime spree which ended after they assaulted an 80-year-old Briton who caught them red-handed.
Additional reporting by Natalia Penza.