The suspects are believed to be two of four individuals who fired over 30 shots, injuring eight Northeast High students.
Police haven't disclosed details of their involvement or the warrant locations, urging others involved to turn themselves in.
Students aged 15-17 were shot, with a 16-year-old initially critical but upgraded to stable condition.
Another shooting earlier left a 17-year-old dead, prompting an investigation into a possible connection.
The FBI, ATF, and U.S. Marshals are assisting in the investigation.
Recovered stolen vehicles led to evidence gathering, search warrants, and the suspects' arrests.
A fully loaded Glock with a laser sight and automatic capability was found at one suspect's location.