TORONTO - Frantic Raptors fans bolted from a square in downtown Toronto after police said they were investigating shots fired at a massive rally celebrating the team's historic N-B-A championship win.

The festivities were briefly suspended as one of the hosts alerted the crowd that there was an emergency and urged the public to stay calm.

But the events quickly resumed even as dozens of fans ran in several directions at one end of the square.

Police said shortly afterwards that two people had been shot and suffered serious but not life-threatening injuries.

Two suspects were arrested and firearms were recovered.

Some in the crowd said they hadn't heard any shots but rushed from the area as others panicked.

One 25-year-old woman said she had been watching the speeches at the rally when friends pushed her to the side.

She says they started ducking and were then stampeded.

Mike Mudidi said he was enjoying the celebrations when he heard screams behind him that someone had pulled out a gun.

He says he grabbed his buddies' hands and ran.

Some who stayed behind huddled near pillars in Nathan Phillips Square even as the team and several dignitaries -- including Prime Minister Justin Trudeau -- remained on stage.

The ceremony wrapped up a short time later.