One victim was reportedly stabbed in the back and another has numerous knife wounds.
Police say the suspect had attempted to steal the first victim's property, which was in a fitting room.
Multiple people were stabbed inside the Mall of America on Sunday night, leaving families and kids stunned as they waited to see Santa.
Others in the party disarmed the attacker and restrained him until police arrived, according to police. The second victim was stabbed after trying to intervene.More news: Hope Solo accuses former FIFA Pres. Blatter of sexual assault
A statement by the department on its Twitter page also announced the unnamed suspect, who was identified as an adult male, was taken into custody.
Bloomington police said officers were at the scene but offered no further information.
Both vicitims were taken to a nearby hospital to be treated with non-life threating injuries.
"We saw two cops running toward Macy's", she said. "Kind of drew attention to himself". "He got me!'. I knew something was not right", Situma wrote. She said she hid underneath clothing and called police.