San Francisco police Sgt. Wilfred Williams said Lance Molina, 23, and Arieal Kittles, 21, were arrested Wednesday night in Antioch.
The two suspects and three others are facing murder, conspiracy, robbery and gang charges for the murder of 26-year-old Michael Bailey, of Baton Rouge, La.
William Jones, of San Francisco, was arrested Tuesday and arraigned Wednesday morning in San Francisco Superior Court.
Kenya Moore, 30, and a 17-year-old boy are in police custody and are scheduled to be arraigned Monday. Moore is charged with being an accessory to the murder and the juvenile is charged with murder, conspiracy, three counts of robbery and gang charges, according to the district attorney's office.
Bailey, a husband and father of three who was studying electrical engineering at Southern University, was visiting the Bay Area at the time of his murder.
Prosecutors believe Bailey and two of his friends met a young woman at a nightclub who lured them to the Alice Griffith housing project in the city's Bayview District early the morning of Oct. 4.
At about 3:30 a.m., a group of people ambushed the men on Doublerock Street in the housing development, robbing them of cash, jewelry and cell phones.
During the ambush, Bailey was shot in the head and killed.
Prosecutor Eric Fleming said today that "direct evidence" points to Jones as the shooter. He declined to elaborate.
Jones, who is now in custody on $10 million bail, pleaded not guilty to one count of murder with the special-circumstance allegation the murder was committed during a robbery.
The allegation makes Jones eligible for the death penalty or life in prison without parole if convicted.
Jones also pleaded not guilty to one count of conspiracy to commit robbery, three counts of robbery, two counts of assault with a firearm and one count of being a felon in possession of a firearm.
Attached to all the charges are allegations that the crimes were committed in furtherance of a gang.
Jones is due back in court on Monday for further proceedings.