Chicago police said it happened near West Randolph and North Clinton streets just before 1 a.m.
A male suspect, whose age was not immediately known, got out of a white SUV and approached two women, 21 and 33, on the sidewalk, police said.
Police said the suspect demanded the women's property and took a purse from one of them before firing shots. He then returned to the SUV and fled the scene.
The Chicago Fire Department treated both women on the scene. The 21-year-old, shot in the knee, and the 33-year-old, grazed in the hip, were both taken to Rush Hospital in fair condition.
Area Three detectives are investigating the incident.
Police did not immediately provide further information.
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