While taking a shower the pipes began to vibrate and bang and then the water stopped coming out. It was really loud. When I switched the water back to the tub it was fine.
I have a two knob shower with diverter knob in the middle.
What is this noise and how can it be fixed? Thank you for your time.

The noise is caused by a loose washer or a piece on mineral build up vibrating against the seat as the water rushs by. I have put up a image of a shower valve with diverter to help you.
First you must isolate the source. Does it make noise when just the hot water's on? The cold? Both? Does it vibrate when filling the tub or just in the shower position? My first thought is to remove the stem and washer assembly and check the washer and the screw that secures. If everything's OK there then shut the water off and open up the hot and cold side and check the washers on them. Before you reassemble turn the water on to flush out the supplies. Good luck, Tom