The murderers, who had been on the run since their temporary release from prison earlier this month, have been arrested in Newry.
The pair, 49-year-old Alison McDonagh and 54-year-old Stephen McParland, were last seen on CCTV in Lanyon Place Train Station in Belfast on Saturday at around 1.45pm.
However, the PSNI said that the pair have been arrested in the Newry area today.
A PSNI spokesperson said: “Unlawfully at large prisoners, 49-year- old Alison McDonagh and 54-year-old Stephen McParland have been arrested in the Newry area this afternoon, Thursday 26th January.
“They will now be returned to the custody of Northern Ireland Prison Service. We would like to thank the public for their assistance.”
McDonagh was jailed for the murder of George McDowell in 2004 and McParland was locked up for the 1997 murder of Gary Alexander McKimm.