Robert Jones Jr., 21, was arrested Thursday and charged with two counts of involuntary manslaughter and one count of prearranged racing.
Jones has been released on a $100,000 unsecured bond.
Police said Hayden, Snapp and Jones were racing at the time of the accident on Morganton Road and Skye Drive.
Detectives have determined that the vehicle driven by Hayden was traveling in excess of 90 miles per hour at the time of the collision.
They said 21-year-old Hayden was speeding down Morganton Road when he lost control, went left of center and struck a 2011 Hyundai going east.
Hayden and his roommate 21-year-old Snapp, who was in the passenger seat, died at the scene.
The driver of the Hyundai, 28-year-old Blaine Hull, of Hope Mills, and his passenger, 25-year-old Stevie Rivenbark of Fayetteville were taken to Cape Fear Valley Medical Center with serious injuries.