It was not immediately clear if anyone was arrested in connection with the shooting.
"We do not believe this incident was an active-shooter or terror-related incident," police said on Twitter. "It appears to have been a dispute at a concert."
None of the 17 shooting victims died, added the police.
A police spokesman did not immediately return calls or emails for comment.
Other people were trampled during the rush for the exits, according to the Arkansas Democrat-Gazette newspaper, citing police.
The shooting started at about 2:30 a.m. local time on Saturday, according to local media, which is thirty minutes after the club closes.
Some of the victims are juveniles, according to a Twitter post by a reporter for local television station KATV.
The Power Ultra Lounge hosted a concert by the hip-hop artist Finese 2Tymes on Friday night, according to the club's Facebook page.
More than one suspect may have been involved in the shooting, the Arkansas Democrat-Gazette reported, citing the police chief.
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