An Asian man is said to be seriously ill following the incident in Edinburgh's Dalry area at around 2am.
Detectives have cordoned off Downfield Place as investigations continue.
Two men are expected to appear at Edinburgh Sheriff Court tomorrow and a third will appear at a later date.
Detective Sergeant John Graham said: "We are currently conducting door to door enquiries and have Downfield Place taped off while forensic enquiries are carried out.
"I would appeal to anyone who witnessed this attack and who has not already spoken to police officers to call us on 101 or contact us through Crimestoppers on 0800 555 111."