Brothers Ty Reik McCullough, 17, and Travis McCullough, 16, were arrested on Tuesday night, police said.
Authorities said the suspects are each being charged with four counts of reckless murder and that more charges are expected.
A prosecutor said the suspects would be charged as adults.
At a press conference on Wednesday, officials told reporters that these were the very beginning stages of the investigation into the shooting on Saturday in Dadeville and offered very few details. No information was given about a motive or the type of firearm used.