Saskatchewan RCMP said Jesse Dion Favel and Noah James Lemaigre-Elliott were arrested Sunday morning by Saskatoon police.
Saskatoon police have not released any details regarding the arrests.
Favel, 20, and Lemaigre-Elliott, 19, reportedly escaped between 8 p.m. and 9:45 p.m. on Friday from the Riverbend Institution.
Correctional Service Canada (CSC) staff said the pair were not accounted for during the 10 p.m. count.
Riverbend Institution is the minimum-security unit at the Saskatchewan Penitentiary.
CSC said it is looking into the circumstances surrounding the escape.
—With files from Nathaniel Dove