The elderly man is wanted in custody on suspicion of attempted murder and aggravated weapon crime.
The younger is suspected of aggravated assault.
The men are both residents of Värnamo municipality.
Three men were arrested shortly after the incident and later arrested, but one of them has been released.
Cared for in hospital
The condition of the man in his 35s who received life-threatening injuries is unclear.
SVT Nyheter Jönköping has been in contact with Linköping University Hospital where the man is being cared for, but has not yet received a response.
Later today, an arrest hearing will be held in Jönköping District Court.
According to the police, several people witnessed the incident. In the clip below you hear Tommy Kvelstad who was one of those who heard the shots:
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Tommy Kvelstad was one of those who heard the shots, in the clip you hear him tell more about it.
Photo: SVT / Johannes Tolf