The incident happened at approximately 9:30 p.m. Wednesday on the subway platform.
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Highway patrol officers were able to quickly respond to the scene, since they were in the area and said they heard shots being fired.
Once they arrived, officers said they saw a 30-year-old woman fleeing the subway station with a gunshot wound to her leg.
Another victim, a 37-year-old man, was found on the subway platform after being shot in the back.
Both victims were brought to area hospitals and were listed in stable condition.
Police said the suspected shooter fled the scene on Rosewood Street, where he allegedly threw his gun.
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Officers were able to apprehend the suspect and recover the weapon.
"We believe there may have been two shooters in some sort of shootout," said Chief Inspector Scott Small with the Philadelphia Police Department. "That's preliminary information."
At this time, officers are not sure if the shooting was intended as a robbery or if the victims were targeted.
There is also no word yet on a second suspect being apprehended.