4 People Shot at Toronto Raptors Parade, Cops Arrest 3

4:00 PM PT -- Cops now say there were 4 people who suffered gunshot wounds in the parade shooting.

They also say they've now arrested 3 people.

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 ... where gunshots were reportedly fired in the crowd and cops are now responding.

The party came to a screeching halt just before 1 PM PT -- when people in the crowd heard what sounded like 4 gunshots.

A woman was reportedly hurt and paramedics raced to the scene.

The Toronto Police Operations Centre put out a statement saying, "SHOOTING: Nathan Phillip's Square -Reports of woman shot -People running from area."

You can see people fleeing on video. At one point, Raptors play-by-play announcer Matt Devlin grabbed the mic and told the crowd to stay strong and stay calm while officials respond to the "emergency."

People at the scene are being advised to "get down" or to find somewhere safe.