(CNN) - Two people are in custody after a shooting was reported Monday during the Toronto Raptors' NBA Championship celebration, Toronto Police said.
Police said they located two victims with injuries that are "serious but not life-threatening."
Two firearms were also recovered and emergency responders are on the scene, police said.
Huge crowds had gathered in downtown Toronto to celebrate the Raptors' victory over the Golden State Warriors in the NBA finals when the incident occurred at Bay and Albert streets, near City Hall and Nathan Phillips Square, the site of the victory rally.
Earlier Monday, Toronto Police spokesperson David Hopkinson told CNN it was not clear if the shooting was at the parade or close to it.
Images on social media showed people running from the area. But the rally continued as news of the shooting emerged.
The celebration began earlier Monday with a parade featuring open-air double-decker buses carrying the team before arriving at Nathan Phillips Square.
Revelers filled the square to capacity for the rally, which included an appearance from Prime Minister Justin Trudeau.
During the rally, Mayor John Tory presented the Key to the City today to the team. He also announced that a stretch of road outside the Scotiabank Arena will receive a ceremonial street dedication as Raptors Way.
The Raptors' victory also marked the first time the team reached the NBA Finals in its 24-season history.