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Victoria Police deployed hundreds of police to calm tensions between the groups.<!--[if gte mso 9]>
North-west metro commander Russell Barrett said one man was arrested for possession of a weapon and another man was held in custody for breach of the peace.
Police were forced to deploy capsicum spray when a group of protesters attempted to breach a police line, he said.
Paramedics treated four people for exposure to capsicum spray outside Greek restaurant Stalactites.
Anti-racist protester Sue Munro said police "moved on" their group as they were attempting to veer away from a large group of far-right protesters.
"We tried to retreat and the cops just started spraying us," she said. "We did nothing to provoke this."
Ms Munro said about 50 police descended on their group, spraying about 10 to 15 people.
The True Blue Crew-organised march began with a rally on the steps of Parliament, as left-wing protesters from No Room for Racism held a counter protest at the same location.<!--[if gte mso 9]>
Commander Barrett said he was disappointed that protesters hid their faces behind masks, despite assuring police they did not want to cause trouble.
He welcomed proposed changes to law flagged last month that would ban protesters from covering their faces.
"We were disappointed that a number of protesters chose to wear facial coverings and question why they felt the need to hide their faces," he said.
"Given the confrontational behaviour of some protesters, we're pleased that no police or members of the public were injured."
Earlier this year, a similar protest ended with dozens injured and arrested when the groups fought with police struggling to keep them apart.
Victoria Police spokeswoman Amelia Penhall said officers conducted stringent searches for weapons.
"Victoria Police respects people's right to protest peacefully, but will not tolerate those who break the law and simply won't tolerate any anti-social behaviour or violence," she said.<!--[if gte mso 9]>
Ms Penhall said officers were well equipped to respond and intervene where needed.