Police are asking people to check their credit-card statements for illegitimate payments as hundreds of cards were skimmed.
The six-month investigation started following complaints about skimming devices being put on gas pumps throughout Calgary.
Two homes were searched Wednesday and police say they found more than $150,000 worth of high-end merchandise from Holt Renfrew, Burberry, Nordstrom, Prada, Gucci and Go Pro.
They also found a fully functioning credit card and ID counterfeiting lab.
Denys Ranyuk, who is 32, and 33-year-old Dimitri Barbu face a total of 39 charges.
Police believe the pair was able to get the information from more than 500 credit card numbers per month.