The men, aged 19 and 20, have been charged with wilful damage.
“The 20-year-old man is also facing charges of possession of cannabis and possession of an offensive weapon,” police said.
“A number of properties in the central business district and wider industrial area have been damaged by tagging over the last two months, causing significant distress to business owners.
“Business owners who have been affected by the tagging and have not yet spoken to police are encouraged to contact us to report damage to their property.”
Camera Trust chairwoman Pat Seymour said the incident demontrated the value and purpose of having the CCTV camera system in the city.
“The quick work by our volunteer on Friday night was outstanding.”
Mrs Seymour said having the camera operators based in the police station watch house means they have a close working relationship with on-duty police.
The camera system has been funded by the Eastland Community Trust and other philanthropic trusts.
“That ongoing support makes it possible to have this camera system on watch in our city.”