Raheen Taylor, 31, and Derrick Wilson, 25, were arrested at an apartment in San Jacinto.
Two revolvers and other ballistic evidence was found during a search of the apartment, as well as an undetermined amount of illegal drugs, sheriff's investigators said. The suspects' vehicle, which detectives believe was used during the murder, was seized.
The victim, identified as Ricardo Zetino, 31, from Tujunga, was discovered in a truck at a campus parking lot Saturday night after police responded to a shots fired call.
The victim was transported to a hospital, where was pronounced dead.
A preliminary investigation revealed that the shooting incident was the result of a drug deal "rip-off." Sheriff's homicide detectives say the suspect's choice of the college parking lot appears to be random and was not associated with any campus activities.
Taylor and Wilson were booked at the Inmate Reception Center and are being held without bail. They are scheduled to be arraigned at Van Nuys Superior Court on Tuesday.
Anyone with information is urged to call the Los Angeles County Sheriff's Department's Homicide Bureau at (323) 890-5500.