We consider the conflict dynamics between two multi-agent swarms. First, the complex nature of a single pursuer attempting to intercept a single evader (1P-1E) is investigated, and some rudimentary rules of engagement are established. We elaborate on the stability repercussions of these rules. Second, we extend the modeling and stability analysis to multi-agent swarms. The present document considers only swarms with equal membership strengths for simplicity. Due to the strong nonlinearities in the dynamics, Lyapunov-based stability analysis is used. Swarm interactions are taken in two phases: the approach phase during which the two swarms act like individuals in the 1P-1E interaction; and the individual pursuit phase where each pursuer is assigned to an evader.