It happened around 9 p.m. on Christmas Eve at the Fountain Hill Pharmacy in the 1000 block of Broadway Avenue in Fountain Hill, Pa.
Miguel Martinez, 56, of Allentown, and David Vazquez, 33, of Bethlehem, are both facing a slew of charges, including burglary, recklessly endangering another person and other offenses.
Both suspects allegedly broke into the business and spray-painted surveillance cameras while trying to steal medication, officials said.
When two Fountain Hill police officers responded to the burglary call, they allegedly found Martinez and Vazquez inside the business.
"One of the men pointed a firearm at a Fountain Hill officer who opened fire, but did not hit either defendant," said the Lehigh County District Attorney's Office in a statement.
Authorities say Vazquez also fired several gunshots during the incident. No one was hit, but two bullets reportedly struck nearby homes on Broadway Avenue.
The men barricaded themselves inside the business for some time until they were arrested, officials said.
Both men were arraigned Wednesday. They are being held on $750,000 bail each.