Police allege three men entered an Annandale unit on Monday evening where they were confronted by the older man and his wife before being chased outside.
One of the trio allegedly grabbed an electric chainsaw from a nearby garage and assaulted the older man before the group ran off, with police later arresting two of the men in a nearby hotel.
A 21-year-old man and a 20-year-old man were reportedly refused bail and are due to appear in Newtown Local Court today where they will face several charges.
The 63-year-old man remains in Royal Prince Alfred Hospital receiving treatment for a laceration to his head.
Police are still in pursuit of the third man.
Anyone with information regarding the incident is urged to call Crime Stoppers on 1800 333 000.