Neither of the gunshot victims' wounds are thought to be life-threatening.
They were also arrested on suspicion of assault while under police guard in hospital, although like the suspected gunman they are yet to be formally charged.
The three golfers involved in the incident had been drinking at a popular British venue called The Seaside bar.
Staff asked them and the suspected gunman to leave after an altercation inside the bar before the violence erupted on the pavement outside.
It is not known why the problems occurred, but it is thought to be the result of a petty argument between strangers.
The holidaymakers, aged between 55 and 60, are believed to have been staying at a hotel near the pub called Las Piramides on Fuengirola seafront.
The spot where the shooting occurred is just a five-minute walk from a bar called Entrehoras where a British tourist was killed in December.
A Polish man was arrested on suspicion of businessman Nadeem Aslam's death after barricading himself inside his flat and threatening to commit suicide.
Nadeem, 42, from Solihull, West Midlands, was killed by a single punch after getting involved in a bust-up during a night out with his wife Jayne and friends.
He and his party had been at the Seaside bar before going off to find some takeaway food and then trying to get into Entrehoras.
The owner of the Seaside bar said today: "I wasn't here when it happened but I know from staff that there was an incident inside which led to four men being asked to leave.
"Whatever happened occurred outside on the street but I can't help with any details because I was at home at the time."