Officers were called at approximately 4.50pm yesterday afternoon (16/09) to reports of one man carrying a knife and a teenager with a metal pole at the BP petrol station in Cricklade Road.
One fled the scene in a grey Audi A4 and was arrested in Marlborough along with the driver after the vehicle was stopped by officers.
A 30-year-old man from Royal Wootton Bassett was arrested on suspicion of affray, while a 16-year-old boy from outside of Swindon was arrested on suspicion of affray and possession of an offensive weapon.
Following an extensive search of the Penhill area, an 18-year-old man from Penhill was arrested at his home address on suspicion of affray and intentionally encouraging or assisting the commission of an either way offence.
All three males have now been released under investigation.
Inspector Carly Nesbitt said: “Carrying a weapon is a serious criminal offence and we will not tolerate weapons being brought onto our streets.
“I would like to reassure the public that three arrests were made swiftly in response to this incident and our enquiries are ongoing and will be extensive.
“There were a number of eye witnesses to this incident and we would urge anyone who was present or has any information that could assist with our enquiries to call us on 101 and quote crime reference number 54200093471.