According to police, the suspects allegedly stole multiple vehicles throughout the spree and fired shots at apartment complexes, homes, pedestrians and two fire stations.
Davis said one fire station was shot at twice and a fire truck was struck while firefighters were nearby.
Officials said four people were shot during the incidents. One victim suffered critical injuries but was in stable condition, while three others sustained non-life-threatening wounds.
Austin-Travis County EMS Chief Robert Luckritz said emergency responders treated victims at four separate shooting scenes across the city.
"At this time, most of the shootings have occurred in South Austin," Davis said earlier Sunday. "No specific motive, and they appear to be random in nature."
Authorities initially warned residents to shelter in place in an area bounded by South Slaughter Lane, East McKinney Falls Parkway, North Ben White Boulevard and West Escarpment Boulevard while officers searched for the suspects.
The shelter-in-place order was later lifted after the two suspects were taken into custody, though police said a possible third person fled from a vehicle stop in the Manor area.
Austin police said the suspects cycled through several stolen vehicles during the spree, including a black or dark blue Hyundai, a gold Hyundai sedan, a silver Mazda four-door and a white Kia Optima.
Davis urged residents not to leave keys or key fobs inside vehicles.
"What we are seeing are these cars are being stolen," Davis said.
Authorities said the investigation began after officers responded to reports of a stolen vehicle from an apartment complex and a stolen firearm. Police later said investigators connected the incidents as additional shootings were reported throughout the city.
Davis described the investigation as "complex" because of the number of scenes, stolen vehicles and random shootings spread across multiple areas of Austin.
Police said officers responded to shootings involving apartment buildings and homes while going door-to-door to ensure residents had not been injured.
Davis said surveillance video appeared to show one shooting in front of a store where two people were struck after suspects fired from a passing vehicle.
Police also said a man walking his dog was shot in the back Sunday morning.
Austin Mayor Kirk Watson praised the coordinated response from local and regional law enforcement agencies, including the Travis County Sheriff’s Office, Manor Police Department and Texas Department of Public Safety.
"This was a rapidly evolving event involving multiple incidents in multiple locations," Watson said.
Davis also suggested license plate reader technology could have helped investigators more quickly connect the shootings and stolen vehicle reports.
"We need to take seriously the fact that we've got two juveniles, 15 and 17, running around with guns creating this havoc," Davis said.