They were detained after the bodies were found at a house in Dawson Avenue in Spalding on Friday.
Elizabeth Edwards, 49, and daughter Katie, 13, are understood to have died but they have not been formally named.
The teenagers are due before Lincoln Magistrates' Court. They are believed to be a boy and a girl, but police have not confirmed this.
Post-mortem examinations on the victims are due to be carried out shortly.
Det Ch Insp Martin Holvey, who is leading the inquiry, has appealed for anyone who was in the Dawson Avenue area from about midday on Wednesday 13 April to the same time on Friday to contact the police.
He added: "Our officers will continue to carry out inquiries in the locality and local uniformed officers will also be in the area.
"If you have any concerns please don't hesitate to talk to them."
Neighbours said that they had last seen Ms Edwards, a dinner lady at a local primary school, on Tuesday.
Posting on Facebook, Ms Edwards' partner Graham Green wrote: "My babe has gone but you will always be in my heart forever and ever and ever.
"The lady meant the world to me, she was my rock. Katie, so young, lots of good times in front of us been taken away r.i.p."
A friend of Katie's described her as being "like a sister" and Ms Edwards as a second mother.
Two 14-year-olds are due in court accused of murdering a woman and her daughter in Lincolnshire.