The explosive devices were inoperable and were controlled by an undercover FBI employee. There was no threat to the public.
Douglas Wright, 26, Brandon Baxter, 20, and Anthony Hayne, 35, were charged with conspiracy and attempted use of explosive materials to damage physical property affecting interstate commerce. Two other men, Conner Stevens, 20, and Joshua Stafford, 23, were also arrested and may face similar charges.
Authorities said at least three of the suspects are self-described anarchists and are not tied to international terrorism.
The target of the plot was a bridge over the Cuyahoga Valley National Park. Investigators say the men discussed using smoke grenades on the Veterans Memorial Bridge in Cleveland to create a diversion while they carried out a plan to topple bank signs off of buildings.
According to the FBI, Wright, the alleged ringleader, also discussed enlisting homeless people to attack financial institutions in downtown Cleveland.
The FBI was alerted to the plot by a paid FBI informant, who had also recorded numerous conversations with Wright.
ABC News and The Associated Press contributed to this report.