The 72 year old has been arrested on suspicion of murder and the 73 year old on suspicion of firearms offences linked to the murder of Constable Robert John McPherson and the attempted murder of a second officer in Dungiven on 26 July 1975.
Constable McPherson was gunned down in front of shoppers and the INLA later claimed responsibility for the murder.
The arrests were made under a Trade and Co-operation Agreement (TaCA) Warrant as part of a joint operation with the PSNI.
They are expected to appear at Dublin High Court later today, Wednesday 12 June.
Detectives from the PSNI’s Legacy Investigation Branch have also arrested a 71 year old man in the Dungiven area as part of the same investigation.
He is expected to appear before Derry Magistrates’ Court later today.
The PSNI say it has been liaising closely with An Garda Siochana.
“Today’s arrests demonstrate the benefits of joint working between police services and other national partner agencies.
“A decision to prosecute the three individuals was issued by the Public Prosecution Service prior to the commencement of the Northern Ireland (Legacy and Reconciliation) Act 2023 on May 1, 2024.”