Christopher Dai-Ichi Yu, 18, of Fountain Valley, and Lynn Ai Quach, 19, of Garden Grove, are each charged with one felony count of special-circumstances murder during the commission of a robbery and for a criminal street gang purpose, and one felony count of attempted murder.
Yu is also charged with street terrorism.
If convicted, Yu and Quach face a maximum sentence of life in prison without no possibility of parole.
The defendants are being held without bail.
The alleged murder happened March 27, 2010.
Yu and Quach are accused of arranging to meet 38-year-old Tuyet Thi Huynh in a Westminster park with the intention of robbing her under the false pretense of selling her drugs.
Investigators say when the victim approached, one of the suspects grabbed the money.
The victim's purse became entangled in the car.
Police say the victim was dragged for almost a mile until she fell from the outside of the car and landed on the road.
A passing Orange County Sheriff's Deputy observed the speeding car and arrested the two defendants.
Tuyet Thi Huynh was transported to the hospital, where she later died.