Matthew Boulet, 21, faces two counts of attempted murder and one count of aggravated mayhem. He is expected to be arraigned later in the day.
The case includes allegations that Matthew Boulet inflicted great bodily injury on the two victims and that a knife was used as a deadly and dangerous weapon.
The defendant allegedly stabbed one victim multiple times on the neck, torso, arms, face and ears, prosecutors said. When the victim's husband reportedly attempted to intervene, he also was stabbed multiple times on the arms, torso and face, prosecutors added.
According to LAPD investigators, the incident apparently stemmed from an argument involving the suspect, who was home from college for the summer, and his parents. It was unclear what sparked the verbal altercation.
Officers responded about 1 a.m. Tuesday to a report of an assault with a deadly weapon in the 4600 block of Burnet Avenue, where Matthew Boulet was taken into custody without incident. News video from the scene shows him in handcuffs and speaking with police, who described him as cooperative and "nonchalant."
The wounded men, identified by neighbors as Ken Coll and Tom Boulet, were both transported to a hospital and underwent surgery.
Detectives recovered a folding pocket knife with a blade measuring 3 or 4 inches, said Lt. Mike Kozak of the Los Angeles Police Department's Valley Bureau.
Neighbors who live nearby said they know the victims very well. One woman said the men, an openly gay couple, adopted their son years ago when he was just a boy. She and others are shocked to learn he was arrested for stabbing them.
Tom Boulet is described as the leader of the local community group.
"Tom and Ken have been very significant on our block, great models of parenthood," Riggs added.
LAPD Lt. Mike Kozak said authorities are investigating reports that there may be mental illness involved with the couple's son.
If convicted as charged, Matthew Boulet faces a possible maximum sentence of life in state prison. Prosecutors will request bail be set at more than $2 million.