The Integrated Investigation Team in Surrey, British Columbia, said the unidentified pair were in custody and awaiting murder charges, the Canadian Broadcasting Corp. reported.
Surrey Mayor Dianne Watts said the news of the arrests provided "certainly a sense of relief," the CBC said.
"It's been a very tough case and it's been extremely hard on the family, and so the sense of relief especially for the family I think is something that's felt all around," she said.
"It's been such a tragedy for the family, for the community. When you've lost the life of someone that's so young and so promising ... . So the arrests have been made, but you know, we still don't have her in the community."
Batalia, 19, was fatally wounded on the third floor of a parking garage at the Central City Shopping Centre adjacent to Simon Fraser University's building in Surrey early on Sept. 28, 2011, QMI Agency reported.
QMI Agency said police released surveillance video and photos of a white Dodge Charger seen speeding away from the scene shortly after she was shot. The car was impounded in December 2011.
The Vancouver Sun said Batalia was shot after an evening of studying with friends. She was a health sciences student and a part-time actress and model who hoped to become a doctor, the newspaper said.