Authorities were seeking a third suspect, a police spokeswoman said.
"We're very pleased they have been able to make two arrests so far, and that is good news these folks won't be out there to do this again," Temple University spokesman Ray Betzner said Thursday.
Monday's home invasion occurred at 7:30 p.m. as one of the Temple students was entering her second-floor off-campus apartment near 18th and Berks Streets.
Three armed males forced their way inside the residence and terrorized the student and her three roommates before fleeing with stolen cash, cellphones, and computer equipment, police said.
Temple junior Matt Collins, who lives in a first-floor apartment below the burglarized residence, said he was studying and watching TV in his apartment when the home invasion was happening. He said he did not hear the threats but soon realized something was wrong after the gunmen fled. "It was a lot of panic going on," Collins said.
Crime reports show eight armed robberies occurred in the last 32 days in the area where Temple police respond to priority calls - Eighth to 17th Streets and Dauphin to Master Streets. Monday's home invasion fell just outside that area.
Betzner said the university had no plan to expand its priority call zone, an area outside the campus patrol area where officers can respond to emergencies.
With students set to begin spring break this weekend, Betzner said, the university had given all students "commonsense information" to not leave any valuables in their residences and to lock the dwellings.
Police officers on bicycles, foot, and in vehicles patrol the outskirts of Temple's main campus and will continue doing so, Lee said.
"Any time college students are in urban areas, they have to be aware of their surroundings," Lee said. "Don't walk alone, particularly at nighttime."
Contact Sulaiman Abdur-Rahman at sabdur-rahman@ phillynews.com, or follow on Twitter @sabdurr.