Public Safety Commissioner David Chong said the suspects are also believed to be responsible for other thefts at an Old Navy in the Galleria Mall and a Victoria's Secret in the Palisades Center Mall.
Authorities say the arrests were made Wednesday and Thursday.
The suspects are identified as:
On November 29, just before 3 a.m., police say two armed suspects entered the Wal-mart during an employee break dressed head to toe in tyvex suits, with gloves and masks. They proceeded with a manager to a back room, where they allegedly tied the manager up with plastic zip ties and emptied a safe containing approximately $230,000 in cash.
The subjects then fled in a waiting SUV. No injuries occurred during the robbery.
Each of the suspects is charged with robbery and criminal possession of a weapon.
Additionally, Christopher Fountain and Autumn Jorden are charged with robbery in Old Navy incident.