According to The Independent, Berkshire soldiers Kirtland Gill, 40, and Rajon Graham, 32, are suspected of stealing ammunition from the armed services.
Sgt Maj Gill is a sergeant major of the Coldstream Guards, the elite bodyguard corps that protects Queen Elizabeth II at Windsor Castle and Buckingham Palace.
Following an investigation by the Met's Flying Squad, they were charged, and both have been bailed to appear at Westminster Magistrates' Court next month.
Sgt Maj Gill was charged with one count of conspiring to sell or transfer ammunition, as well as one count of possessing a prohibited weapon - an imitation firearm capable of shooting toxic liquid.
Graham faces one count of conspiracy to sell or transfer ammunition as well as four charges of selling or transferring ammunition.
Sgt Maj Gill made news last year when he was promoted to regimental sergeant major in the infantry battalion, making him the first black soldier to do so.
Following raids by the Royal Military Police and firearms officers, Sgt Maj Gill and Graham, whose rank is unknown, were reportedly detained.
“Both have been bailed to appear at Westminster Magistrates' Court on July 1,” a Scotland Yard spokesperson said of the guns charges. The inquiry was conducted by the Metropolitan Police Department's Flying Squad.”
“We can confirm that two troops have been arrested on suspicion of firearms offenses,” a Ministry of Defence official said. We're helping the Metropolitan Police Department with their investigation.”