Alexander Thim, 27, of West Bloomfield, Michigan, and Mark Derkatz, 30, of Windsor, Ontario, were charged with racing a motor vehicle on a public highway, reckless driving and speeding.
According to the arrest report, a red Corvette reached 120 mph in the left lane and a white Corvette reached 140 mph in the right lane. The posted speed limit on the road was 45 mph.
Police said the third Corvette did not participate in the race.
Officials said GM owns all three cars involved in the incident.
After they were pulled over, the men told police they were GM employees and had recently left the Cue Time bar.
Both men were held in the Warren County Regional Jail on a $1,000 bond