One of the most common factors influencing the stability of an ecosystem is how prey react to predator’s chemical signals. In this paper, We investigate the dynamics of a two predator-one prey biosystem in which the two predators compete for food on both an intraspecific and interspecific scale. We further hypothesise that prey species growth and behaviour are influenced by predator’s chemical signals. We also assume that prey utilise refuge to reduce predation risk. A comprehensive analysis was carried out to determine the ecologically sustainable equilibrium points of the biosystem. In addition, local stability analysis of the equilibrium points is carried out. Furthermore, bifurcation analysis is also done. Finally, to corroborate the results of the analytical investigation, we conducted comprehensive numerical simulations of the model.