Carey Jones, 32, and Sherman Carney, 35, have both been charged with murder and related offenses.
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Officers responded to the 2300 block of South Marshall Street just before 7 p.m. for reports of a person with a gun.
At the scene, investigators found a 31-year-old woman suffering a gunshot wound to the head.
According to investigators, the victim was walking on Marshall Street with a man when they were approached by three additional men. One of them was on a bike, police said.
One of the suspects grabbed the victim while another grabbed the man she was with at gunpoint, police said.
The suspect holding the woman then fired multiple shots, killing her, according to police.
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She was transported to Jefferson University Hospital and later pronounced dead.
Real-time police cameras allowed police to track down two suspects to a home in the 700 block of Ritner Street.
Police say two firearms were recovered and two of the men were taken into custody.
Jones and Carney are also charged with aggravated assault and simple assault of the victim's companion who was restrained during her murder, according to the district attorney's office.
Investigators believe the shooting may be a domestic incident, as the woman was recently assaulted.
It's not clear yet exactly how the other suspect is connected to the woman.
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The victim's name is being withheld pending notification of her family.
Both suspects are being held without bail.
The investigation is ongoing, police said.
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If you or anyone you know is experiencing domestic violence, you can call the national hotline at 800-799-SAFE (7233).