The flight took off from Blenheim at 7:20am (1820 GMT) on Friday and the pilots sent a distress call at 7:40am. The plane landed at Christchurch shortly after 8am.
Neither pilot was seriously hurt and they were able to land the plane safely. They were taken to Christchurch hospital but their wounds were not life-threatening.
One passenger and the woman arrested were also treated for minor cuts.
The assailant tried to tamper with the controls of the plane as it was coming in to land at Christchurch and was only disarmed when the plane hit turbulence, police said.
Charges
Police with dogs boarded the plane and arrested the 33-year-old woman, who is originally from Somalia.
She was later charged with hijacking and wounding with intent to cause grievous bodily harm and was due to appear in court in Christchurch on Saturday.
The plane was left on the runway while a bomb squad was called in, but no bomb was found aboard, Dave Cliff, Canterbury district commander superintendent, said.
Christchurch Airport was closed to all flights for about three hours after the incident.
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