Police say one of the men was stabbed before he was able to disarm the suspect.
Members of the victims family intervened.
Officials identified him as Mahad Abdiaziz Abdirahaman, 20, according to a local CBS report.
Police said they don't believe the suspect knew the victims.
Both victims had sustained non-life threatening injuries and were taken to Hennepin County Medical Center in Minneapolis, police said and added the suspect may have received superficial wounds.
The Minnesota's thief's plans were thwarted when his intended target caught Abdirahaman in the act, only for the would-be thief pulling a knife and stabbed the man in turn.
Maddie Schwieters tells KARE-TV she was in line to see Santa when she ran toward the commotion nearby and saw two people on the floor. "By the time we got to the main area - the men's department is to the right - more police started running in with their guns drawn".
Abdirahaman reportedly began stabbing the person when he or she noticed the theft and confronted the suspect.
This is a developing story.