Police responded to reports of an aggravated burglary in Coburg last night (20 January), Victoria Police say.
Investigators have been told three men allegedly forced their way in to the Vincent Street home around 10.30pm.
The offenders produced knives and threatened the residents and made demands for cash and jewellery.
Police were called by neighbours who heard the commotion and when police arrived they located one of the offenders attempting to flee over a rear fence.
The man was still allegedly in possession of a knife and police were forced to deploy OC spray which subdued him.
The second offender was arrested by police at the intersection of Vincent and Munro Streets.
A third offender fled on foot.
The occupants of the home, all men aged 28, 27 and 26 were physically uninjured.
A 34-year-old Dingley man and a 44-year-old Norlane man have both been charged with aggravated home invasion.
The will appear at Melbourne Magistrate’s Court today.
The investigation remains on going and anyone with information is urged to contact Crime Stoppers.