1:24 PM PT -- Police say they have arrested 2 suspects and recovered 2 guns after an alleged shooting at the Toronto Raptors championship parade Monday.
Cops also say two people are being treated for "serious" injuries -- but the injuries are not life-threatening. The investigation is ongoing.
The championship parade continued after the shooting -- with Drake taking the stage and telling the reported 1.5 MILLION people in the streets to hug each other and spread love.
The parade ended with no further violent incidents.
Scary moment at the Toronto Raptors championship parade in Canada .