Authorities say 44-year-old Roberto Espinal and 37-year-old Danny Cano were taken into custody Wednesday.
The officers are suspected of having sold accident reports to a runner who was involved in a fraudulent accident scheme.
The runner approached the officers, offering money for accidents reports. The information would then be used to commit insurance fraud.
The officers were suspended without pay.
Cano is charged with nine counts of third-degree bribe receiving and one count of official misconduct, while Espinal is charged with two counts of third-degree bribe receiving, five counts of second-degree receiving reward for official misconduct and one count of official misconduct.
Bail was set at $15,000 for Cano and $10,000/$2,500 for Espinal.
Each faces up to seven years in prison if convicted. They are due in court on October 9, 2013.
Their arrests were the result of an NYPD Internal Affairs investigation.