"The investigation is not finished at this time," said Sûreté du Québec Sgt. Claude Denis. "There is a possibility that there might be another arrest."
Police say the two seniors were forced out of their cottage overnight Friday and were forced to drive for about 2 ½ hours to L'Isle-aux-Allumettes, southwest of Bouchette.
Police say one of the suspects had a handgun, but Sgt. Denis said authorities do not know if the gun was real.
At least one suspect fled the scene in the victims' car with a stolen computer, alcohol, money and a wallet, which police say they stole during the home invasion.
The vehicle was found around 9:30 a.m. Saturday morning near Pembroke, Ont.
Police arrested a 16-year-old Ottawa boy in connection to the kidnapping shortly after finding the car.
A second suspect, 17, turned himself in to police Saturday night.
"I don't know where he's from, but this man went to the police station and the police officer proceeded to his [arrest]," said Denis.
Both suspects are being held until a youth court appearance on Monday.
After interviewing the couple, police say there may be a third suspect on the run.
The suspects were originally described by police as two English-speaking young men, both wearing scarves over their faces.Denis said the teens could face charges related to kidnapping and possession of stolen goods.