The stabbing occurred at about 2 a.m. at Chill's Bar and Grill in the 5600-block of West Grand Avenue, police said.
Police said when two women went to leave after a verbal dispute with several women, they were confronted on the sidewalk by two of the women they were arguing with.
One of the women took out a knife, according to police, and stabbed the 20-year-old and 23-year-old.
Both were taken to Stroger Hospital, one with a stab wound to the arm, the other with a stab wound to the back.
The Chicago Fire Department said one of them is in critical condition and the other is in serious condition.
Police said no one is in custody and a description of the stabber was not available.