Officers were called to Valley Road, Worksop, after the incident was witnessed by a member of the public at approximately 6.30pm last night (Wednesday, 19 April).
It was reported a car pulled up alongside the boys with a passenger getting out and threatening the teenage boys with the six-inch blade.
The passenger then got back inside the car, which sped off.
Reacher cops tracked down the suspect vehicle in Highgrounds Road, Worksop, and detained five males suspects aged 15-21.
They remain in custody and are being questioned on suspicion of affray and possession of a bladed article.
Two of the suspects, both aged 17, were further arrested on suspicion of possession of cannabis after a quantity of the Class B drug was found during a search.
A knife was also seized from the vehicle.
Inspector Hayley Crawford, of Nottinghamshire Police, said: “Drugs and knife crime is totally unacceptable and we will always investigate reports thoroughly.
“Our message to those who carry a knife, or who are thinking of carrying one, is that you will be arrested.
“Every blade we seize is one less dangerous weapon that can be used to cause serious harm or injury – potentially resulting in someone’s life being lost.
“We all need to work together to combat knife crime and we’re urging anyone with information on knife crime in their local community to call Nottinghamshire Police on 101 or Crimestoppers anonymously on 0800 555 111. In an emergency, always dial 999.”
