The theft happened last October when police say a window was smashed and the metal security bars were forced to gain entry to the Calgary Shooting Centre.
Several display cases were smashed and 37 guns were taken, but only seven of the firearms have been recovered.
Craig Albert Rodrigues of Calgary, along with Christopher John Miller, are facing a number of break-in and firearms-related charges.
Rodrigues, who is 42, and Miller, who is 36, were already in custody on other matters.
Police have also issued an arrest warrant for another Calgary man, Cole Emery Trahan, on similar counts.