The fight occurred somewhere between Camp 2 and Camp 3, Anish Gupta of Cho-Oyu Trekking, the Kathmandu-based company that organized the expedition, told AFP.
One of the climbers, a Swiss national, had descended the world's tallest mountain and was headed back to Kathmandu.
The other, an Italian national, was at base camp and considering another climbing attempt.
Sitaram Karki, the chief district officer in Solukhumbu, the region where Everest stands, told AFP the police were conducting an investigation, but the details were still unclear.
The Himalayan Times identified the Italian as Simboli Morno and the Swiss man as Wool Stick and reported they suffered minor injuries following a dispute with their Nepalese guides.
"It is out of our reach due to the distance," Karki told the Times. "We have received the news that the foreigners were thrashed and that we will deploy our team immediately to investigate the case."