Attorney General Paula Dow says the indictment against 63-year-old Dr. Ajit Jayaram of Englewood was handed up Monday.
Jayaram was arrested in October in a Medicaid fraud investigation. Prosecutors say they later learned he twice tried to hire a hitman to carry out the killings.
Authorities have said he wanted his lover killed because he owed her $250,000 and his former business partner killed to end a dispute.
While in jail, prosecutors say Jayaram tried to hire another inmate to kill his wife, fearing she would learn of the affair, divorce him and take his money.
His lawyer says Jayaram maintains his innocence.