The driver was identified as 41-year-old Brian Larue, who has a Delaware license, but investigators traced him to a home in the 1500 block of Lindley Avenue in the city's Logan section.
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"We executed a search warrant last night found 26 additional explosive devices and a number of guns as well," said Attorney General Josh Shapiro.
The passenger was identified as Philadelphia resident Eric Murray, 27.
Philadelphia police discover van loaded with explosives
Shapiro said the men will face felony charges for risking a catastrophe and possessing weapons of mass destruction.
Authorities said the investigation began early Wednesday night when officers responded to a commercial burglary alarm and observed 10 to 15 staged vehicles in the City Avenue Marriott parking lot.
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According to investigators, officers observed some of the vehicles suspiciously leaving the parking lot, later unsuccessfully attempting to ram the Target located on Monument Road in the city's Wynnefield Heights section.
Officers then followed a van that left the area and proceeded onto I-76 and later onto the Ben Franklin Parkway in the heart of Philadelphia.
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Philadelphia police discover van loaded with explosives, suspicious equipment
Inside the van, investigations found a quarter or half sticks of dynamite, a handheld propane tank torch, a taser and various tools including electric drills, bolt cutters, and machetes.
Authorities said the explosives are used to dismantle and steal proceeds from ATMs.
There have been at least 30 ATM explosion since Monday night's unrest.
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"These individuals seemingly were trying to take advantage of a sensitive moment in our city," Shapiro said.
Investigators are working to track down other potential suspects.