Officers were called by London Ambulance Service at 23.51hrs on Saturday 7 August to Dunkeld Road, Dagenham to reports of a shooting.
Officers attended the scene to discover a 21-year-old man suffering from a gunshot wound to his leg.
Approximately 15 minutes later police received a call to reports of a 22-year-old man suffering gunshot wounds to the neck and leg in Millhaven Close, Romford.
Both victims were taken to separate London hospitals where they remain in a stable condition.
Detectives believe the two had been travelling in a Range Rover Sport when they were flagged down by two men wearing dark clothing, who forced their way into the vehicle and shot the pair.
Victim 1 managed to escape. The car was then driven from the scene at speed and Victim 2 was subsequently dropped off in Millhaven Close, where he called police.
The vehicle, described as a black Range Rover Sport, reg: CU06 JYV, remains outstanding.
Officers retain an open mind as to any motive at this early stage.
No arrest has been made at present.