Chief Michael McGrath said the officers were found guilty of administrative charges, ranging from excessive speed to insubordination.
The announcement comes after discipline hearings for the officers, CNN said.
The incident occurred Nov. 29, when officers saw a car speeding and heard a possible gunshot.
Officers pursued the vehicle but the driver did not stop.
The chase, which lasted 23 minutes, took officers to East Cleveland, CNN said.
In total, officers fired 137 shots, and killed driver Timothy Russell, 43, as well as passenger Malissa Williams, 30.
Notable deaths of 2014 [PHOTOS]