21-year-old Tyrique Hall of the 5200 block of North 3rd Street and 18-year-old Jose Sanchez of the 100 block of W. Fisher Street have been charged with Criminal Conspiracy, Possession of an Instrument of Crime, and Cruelty to Animals.
The suspects could face up to 10 years in jail.
Hall and Sanchez were picked up by police on Tuesday afternoon.
Police say the cat, named Campbell, continues to recover in the Pennsylvania SPCA shelter hospital.
An eyewitness told the PSPCA she saw a cat in flames running down 3rd Street towards Wellens Avenue in Olney at approximately 9:25 a.m. on Sunday, November 10th.
She said she saw two men at the intersection and heard one of the men saying, "I put a lot of fluid on it."
Campbell the cat was found in front of 331 W. Wellens Avenue.
Campbell's prognosis is good, but police say due to the severity of his burns, he is expected to be in the care of the Pennsylvania SPCA for at least another month.