The incident happened between 10.25pm and 10.35pm on Tuesday at junction 7 of the M3.
A black BMW X6 exited the motorway followed by a white Range Rover. At the top of the slip road the white car then collided with the rear of the BMW.
Two men then got out of the BMW to inspect any damage to the vehicle.
The driver of the Range Rover then mounted the verge and drove off, hitting the two men in the process.
The victims, a 36-year-old man and a 27-year-old man, both from London, received serious but not life threatening injuries.
It is believed that this happened following a minor road rage incident between the two vehicles whilst travelling northbound on the M3.
A 47-year-old man from Edgware was arrested on suspicion of grievous bodily harm with intent.
He has been released from custody but remains under investigation as enquiries continue.
Officers investigating are keen to speak with anyone who can help their enquiries.
If you have any information, or dash-cam footage, in relation to this incident please contact police on 101 with the reference 44200197849.
Alternatively you can phone Crimestoppers 100 per cent anonymously on 0800 555 111.