Khusen Akhmedov, 23, of Lancaster, Pa., and Ahmen Holloman of Philadelphia face a long list of charges, WPVI-TV reported. They include homicide by vehicle and third-degree murder.
Samara Selena Banks and the three boys were killed Tuesday night as they crossed Roosevelt Boulevard, 12 lanes of traffic that is one of the most dangerous roads in the country for pedestrians. Investigators said Ahkmedov, driving a 2012 Audi, struck the family while racing with Holloman.
Banks and Saa-sean Williams, 18 months, were killed instantly, police said. Saa-mir Williams, 9 months, and Saa-deem Griffin, 4, were pronounced dead at hospitals.
Saa-yon Griffin, 5, survived with only scrapes and bruises, police said.
Relatives who gathered at the crash site for a vigil Wednesday night said Banks and her children were returning from a visit to her grandmother.
"There are no words to describe losing your daughter and three of your grandchildren," Banks' stepfather, Walter Homes, told WPVI. "I'm very distraught right now."
Notable deaths of 2014 [PHOTOS]
Ex-Navy SEAL probed over bin Laden revelations