Police believe the men killed 36-year-old Shanta Myers, her partner, 22-year-old Brandi Mells, and Myers' two children, 11-year-old Jeremiah Myers and 5-year-old Shanise Myers.
Cops say Justin C. Mann, 24, and James W. White, 38, both of Schenectady, were arrested late Friday, the Albany Times Union reported.
The four were killed on December 21, and one of the defendants was acquainted with one of the victims, Troy Police Chief John Tedesco said at a news conference Saturday.
Police said they have not made any arrests in the case.
"After being in this business for nearly 42 years, I can't describe the savagery of this", Tedesco said.
"I don't have to tell you what a good feeling it is to have these two in custody", he said.
The killings had left Myers' relatives and 15-year-old son broken and desperate for answers. "I don't know of a word that can say it", Tedesco said on Tuesday.
Tedesco said that he's "confident" there will not be any more arrests in this case. Police responded to the building on Second Avenue in Troy, a city eight miles northeast of Albany, about 12:50 p.m.
A little closure possibly provided for Khalif Coleman, the nephew of Shanta Myers.
"After being in business for nearly 42 years I can't describe the savagery of a person like this", Todesco said.
"It took weight off my shoulders and weight off my chest because we finally found somebody that found them and they can get off the street where we can have our kids to feel safer", said Khalif Coleman.
The Troy Boys & Girls Club is also raising money through a GoFundMe page to help cover the cost of funeral services for the victims.
No motive has been released for the crime, though the Washington Post reports one of the men was acquainted with one of the victims.