Police are now appealing for witnesses following the 'frightening attack' that took place in Bletchley.
At around 6.40pm on Tuesday (9/2), two boys aged 14 and 16, were at Fish Bridge underpass in Bletchley when they were approached by two other males from the direction of the Lakes Estate.
The victims were chased along Drayton Road and Hunter Drive by the suspects, one of whom had a large machete style knife in his hand.
They then managed to seek refuge at a property in Magenta Close and the suspects fled the area.
A 17-year-old has been arrested and released on bail in connection with the incident.
Investigating officer PC Ellen McQuillan, based at Milton Keynes police station, said: “This was a frightening attack which left the victims fearing for their safety and we are doing all we can to identify those involved.
“Carrying weapons can cause serious harm and it will never be tolerated.
“We are appealing for any witnesses who saw this chase or residents who may have captured it on CCTV to come forward.
“If you think you know someone carrying a knife please tell us so we can work together to make our communities safer.”
Anyone with information should call 101 with reference 43210056173 or Crimestoppers anonymously on 0800 555 111.
