Bonne, 21, has joined for an undisclosed fee, while Elokobi, 31, was out of contract with the U's.
Cameroon-born Elokobi has Premier League experience from his six-year spell with Wolves.
Bonne scored 16 goals in 84 games for Colchester, having first joined the club as a 14-year-old.
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Leyton Orient have signed defender George Elokobi and striker Macauley Bonne, both from League Two club Colchester on two-year contracts.