The two students from Vista Murrieta High School were arrested on Thursday. One of them is scheduled to appear in court on Tuesday.
Officials did not release many details because the students are minors. But according to several websites, they are players on the high school's football team.
According to the Riverside County District Attorney's Office, one of the suspects is charged with two counts of rape involving two victims and two counts of lewd acts with a girl under 14, three counts of false imprisonment and one count of dissuading a victim from reporting a crime.
The second suspect is also facing sexual-related charges but officials wouldn't confirm what those are.
Officials say the investigation revealed the incidents allegedly occurred off campus.
School district officials issued a statement saying they are "shocked" and "disappointed" to hear about the arrests.
"We are cooperating with the Murrieta Police Department on their investigation. We have counselors available should students want to speak with somebody about this incident," the district said.