Police and emergency services were called to a residence in Castlemain Road about 11.55pm, after reports a firearm had been discharged.

The alleged offender, who was not one of those injured, was taken into custody a short time later at another Ravenswood residence and is assisting police with their inquiries.

A woman at the scene sustained serious, but non-life-threatening injuries during the incident, and was taken to the Launceston General Hospital.

A man was also reportedly injured, but left the scene.

The people involved were known to each other, and police can confirm this was an isolated and targeted incident.

Investigations into the incident are ongoing, and there may be an increased police presence in the Ravenswood area on Friday as part of those investigations.

There is no threat to the wider community.

Anyone with information should contact police on 131 444 or Crime Stoppers Tasmania anonymously via crimestopperstas.com.au