The two men seized control of the vehicle at around 12.30pm on Tuesday, and then raced it through the streets of the city's northern Torshov district for fifteen minutes, driving onto a pavement to deliberately target pedestrians, until they were finally stopped by police.
"Shots were fired to arrest the suspect; he is not seriously injured", they added.
Three people were hurt in total - including the babies who were in a pram - when the man struck a family, Norwegian police and hospital officials told Reuters.
The Aftenposten newspaper also published a photo of a man wearing green pants lying next to a vehicle surrounded by police officers.
An armed man hijacked an ambulance vehicle and knocked down several people in Oslo, Norway.
Pictures from the scene show police cars surrounding the stolen ambulance after it appeared to have crashed into a house. Another photo in the daily showed a handcuffed man, flanked by police, walking toward an ambulance stretcher.
Eyewitness footage from the scene captured the second police had the ambulance partially surrounded however the suspect managed to evade them and drive away regardless of being underneath fireplace.
"I heard several shots", Omar Khatujev told Aftenposten.
Police declined to comment on whether authorities were treating it as a deliberate attack, the Reuters news agency reported.
"It is too early to say whether this is terror-related, but we are investigating broadly and fully".