The father of the children, 1 and 4, arrived at his home around 5:25 p.m. to find the kids inside suffering from stab wounds in the 1900 block of Matson Lane, according to Lisle police. He told police that a person known to him was in the house armed with a knife.
Responding officers rushed to the home and arrested a female whose age was unknown.
The two children were transported to a nearby hospital where they were listed in stable condition, police said.
Lisle Chief of Police Kevin Licko said an "active investigation" is ongoing but there is no threat to the community.
The relationship between the father and the suspected attacker was not specified.
Lisle is roughly 25 miles west of downtown Chicago.
No further information was provided.