The university is urging all students to act responsibly ahead of Guy Fawkes today.
Multiple calls were received by police about a group of men shooting fireworks at each other in Castle St North on Monday.
Two men, both 20, were arrested, but later released with warnings.
A university spokeswoman said it was "extremely disappointed by the dangerous and unacceptable behaviour" involving fireworks near campus.
She confirmed the incident was being investigated by the Proctor’s Office.
Disciplinary action, if any, would be decided once the investigation concluded.
"As Guy Fawkes approaches, we urge all students to act responsibly.
"Fireworks can cause serious harm and distress and put unnecessary strain on emergency services."
Fire and Emergency New Zealand Otago district manager Craig Geddes confirmed one of its trucks was "shot at by fireworks" as crews attended a call out to Castle St North.
"Fire and Emergency has zero tolerance for incidents such as this which put our people, or our emergency services partners, at risk.
The fireworks did not hit the truck and no damage occurred.
Senior Sergeant Anthony Bond, of Dunedin, said police were called to Castle St North about 9.50pm on Monday after receiving "multiple calls of about 50 males shooting fireworks at each other".
"While police were returning to the patrol vehicle, the group of males intentionally shot fireworks in their direction, causing a near miss."
One of the men attempted to flee police, but was identified and later arrested for disorderly behaviour, Snr Sgt Bond said.
The man was held in custody overnight and released yesterday with a warning.
Snr Sgt Bond urged the public to be sensible with fireworks.
"They are explosives and can cause serious injuries, hence why the timeframe for selling them continues to be shorter and shorter each year."
Shooting fireworks at people or property was "a dumb decision and could have lifelong consequences".
"We want people to have fun, but we will take action if people or property is being put at risk."
