Police arrested the men, aged 19 and 20 years-old, at properties in Western Sydney on Tuesday morning.
It follows the earlier arrests of another four people in relation to the grandfather's death, which police believe was a case of mistaken identity.
Mr Baghsarian was allegedly taken from his North Ryde home in the early hours of February 13, sparking a major search effort during which police urged his kidnappers to release him.
His body was found 11 days later near a golf club in the semi-rural suburb of Pitt Town in Sydney's north-west.
Police allege Mr Baghsarian was not the intended target of the kidnap-ransom plot.
They suspect the perpetrators aimed to abduct a relative of Sydney businessman Dimitri Stepanyan, who lived on the same street as Mr Baghsarian, with the hope of receiving $50 million for his return.
On Tuesday, police arrested the 19-year-old man at a home in Shalvey and the 21-year-old man in Silverwater.
Both men were charged with murder and take/detain in company with intent to ransom occasioning actual bodily harm.
The 19-year-old man was also charged with failing to comply with a digital evidence access order direction.
Both men are due to appear at Mt Druitt Local Court on Wednesday.
A 23-year-old believed to have orchestrated the kidnapping was arrested and charged in March, while another 19-year-old man was charged in April with murder and allegedly supplying a firearm used in the kidnapping.
Earlier, two men aged 29 and 24 years old were also charged for their roles in the alleged plot.
Investigators have previously said they believe up to nine people may have been involved.
Police believe Mr Baghsarian was killed at a makeshift stronghold in Dural, in Sydney's outer north, before his body was dumped.
His family described the ordeal as harrowing, remembering him as a devoted father, brother, uncle and grandfather.
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