Mohammed Abdul Kahar, 23, who is recovering from a bullet wound to the chest, and 20-year-old Abul Koyair demanded an apology from police who ordered and carried out the dawn swoop on their east London home on June 2.
Speaking publicly for the first time about their ordeal, Mr Kahar, of Bangladeshi origin, told reporters: "The only crime I have done in their eyes is being Asian and with a long length of beard."
London's Metropolitan Police and its chief Ian Blair have come under fire for mounting such a large-scale but ultimately fruitless operation.
Officers spent a week scouring the brothers' house in Forest Gate, reportedly looking for some kind of chemical weapon, but found nothing to support their suspicions.
Describing the raid to a packed press conference with his brother, flanked by their lawyers, Mr Kahar said he was woken by Mr Koyair's screams and went to investigate.
"I assumed a robbery was happening," he said, recalling how he edged down the stairs before suddenly seeing a spark and hearing a big bang.
"I fell on the wall. I was on the floor, I looked at my chest and I saw bleeding coming down my chest and I saw the hole in my chest. At that moment I knew I was shot," said Mr Kahar.
The elder brother, who like Mr Koyair had a shaved head and dark beard, said that as he lay on the stairs bleeding and fearing for his family, he was kicked in the face by a police officer and told to "shut the fuck up".
He said he was grabbed and dragged down the stairs and thrown on the pavement outside.
Victims didn't know it was a raid
It was only then Mr Kahar, who works for the Royal Mail postal service, realised the people raiding his house were police.
His shooting, which is under investigation, has stirred memories of the police killing of a Brazilian man who was wrongly identified as a suicide bomber on the London subway last July.
Asked about the future of Mr Blair, the Metropolitan Police commissioner, the brothers stopped short of calling for him to resign.
Mr Koyair, wearing a pale, yellow t-shirt and jeans, said: "Whoever is responsible should be put to justice, whoever gave the order for this to happen."
At the same time, his brother said he supported the role of the police, noting: "Without police the country would be lawless."
Dressed in a grey t-shirt and grey jogging bottoms, Mr Kahar described himself as a law-abiding citizen, born and bred in London.
"This is my country. I love everyone around," he said
His brother, who had contemplated joining the police force before the raid but no longer wants to, recounted how the house fell quiet once Mr Kahar was shot.
"No one said anything. I thought it was like a dream," he told reporters.
"After about one or two minutes I realised that this was not a dream. I realised that my own brother had got shot for no reason. They tried to murder my brother."
The pair said they were handcuffed, with Mr Koyair being taken to a high-security police station and Mr Kahar to hospital.
He later joined his younger brother at the police station where they were held for questioning until their release last Friday.
Experts have said the brothers could be entitled to large compensation payouts.