Karlan Ahearne-Grant and Reeco Hackett-Fairchild, both 20, were held by armed Spanish police in connection with the alleged attack in the early hours of Tuesday.
They were questioned by an investigating magistrate behind closed doors. A third Briton, aged 26, was later arrested over the alleged incident at a hotel in Cala de Bou, near the party resort of San Antonio.
The parents of the 19-year-old alleged victim have lodged a formal complaint with police.
The alleged attack took place after the players partied at the Ocean Beach club in San Antonio, local reports said.
The girl and a female friend reportedly met the footballers at a bar on Monday.
The pair, both strikers with the League One side, were on holiday on the Mediterranean island.
It is alleged that one assaulted the victim while the second filmed the attack on a mobile phone.
An ID parade was arranged to identify the third man who was also alleged to have been present, it was reported last night.
A Charlton Athletic spokesman said: “The club are looking into this matter. Due to the ongoing investigation we will not be commenting further at this stage.”