Alvin Watts, 32, and Jake England, 19, were taken into custody Sunday morning following an anonymous tip.
They are accused of shooting a total of five people Friday, killing three and critically wounding the other two. All five shootings took place on the city's north side, a predominantly black area.
Police said they linked the shootings because they happened about the same time within a few miles of each other, and all five victims were out walking when they were shot. Four of the victims were found in yards, and one in the street.
Police have said they don't believe the victims knew one another. They identified those killed as Dannaer Fields, 49, Bobby Clark, 54, and William Allen, 31. The survivors' identities were not released.
While police identified the suspects as white and all the victims are black, authorities have not described the shootings as racially motivated and declined to discuss that issue Sunday.
However, community leaders expressed concern about the motivation for the shootings, as well as the possibility that they would provoke a vigilante response.
Watts and England are expected to face three counts of first-degree murder and two counts of shooting with intent to kill.
The Associated Press contributed to this report.