In a statement, the force said Jake England, 19, and Alvin Watts, 32, were charged with three counts of murder and two counts of shooting with intent to kill for a shooting spree early Friday.
Police haven't ruled out adding hate crime charges, the Tulsa World reported.
The city police force announced Saturday that it had formed a 30-member task force along with state and federal officials to find the shooters. The arrests were made about 12 hours later, the report said.
Witnesses told police they saw two white men in an older pickup truck at four of the shootings scattered around a black residential neighborhood. The fifth shooting was in a commercial district. The truck was found abandoned and was being processed by forensic officers, the World said.
Police Capt. Jonathan Brooks told CNN soon after the arrests not much about the suspects was immediately known.
"We're not exactly sure what their relationship is to another; whether they are friends or extended family members," he said.