This is happening near the intersection of Kensington Avenue and East Tusculum Street in the city's Kensington section.
Police say they were called to that area just before midnight after reports of shots fired.
Officials arrive on scene and find a 31-year-old woman and a 26-year-old man suffering from gunshot wounds to their legs.
Both victims were rushed to Temple University Hospital where the woman is listed in critical condition, while the male victim is stable.
Police say both victims were living in a tent in a nearby homeless encampment.
No word if any arrests have been made.