Fencing is one of four sports that have been featured at every modern Olympic Games. There are currently three types of weapons used in that competition; Foil, Épée and Sabre. The competitors in this picture are fighting with sabers.

Wikipedia.org says:

The Sabre is the 'cutting' weapon. Points may be scored with edges and surfaces of the blade, as well as the point. Although the current design with a light and flexible blade appeared around the turn of the 19th century, similar sporting weapons with more substantial blades were used throughout the Victorian era.