Officers are appealing for witnesses to the incident on Monday in Main Road, Duston, just after 9pm.
One of the youths was refused entry to a shop and, in events that followed, a 30-year-old man received leg injuries. Racist abuse was shouted at t
he victim and two of his friends.
The youths were arrested on suspicion of racially aggravated ABH and racially aggravated affray and have been released on police bail pending further inquiries.
Two of the youths are aged 16 and the rest 15. All are from Northampton.
Police believe that a woman walking her dog at the time may have captured images of the incident on a camera.
They are also appealing for the driver of a red Vauxhall Corsa which stopped at the scene to come forward.
Superintendent John Jones said: "We take racist incidents extremely seriously and deal with them in a robust manner.
"Anti-social behaviour will not be tolerated – it's a blight on society.
"The sector commander has been tasked with ensuring there are increased patrols in this area and others in the vicinity during the school holidays."
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