Patricia Perez, 15, of Fuquay-Varina, was found dead by a fisherman shortly after 1 a.m. Saturday at the Bells Church public fishing access at Jordan Lake.
Sheriff's officials say she had numerous stab wounds.
Perez was last seen on Thursday, before her family reported her missing to the Wake County Sheriff's Office the next day.
Late Sunday night, deputies announced the arrest of two men in connection with Perez's death.
Gabriel Alejandro Maricio Lopez, 20, of Apex, who investigators say was Perez's boyfriend, is accused of stabbing her multiple times after an argument between them while at the lake.
Alejanero Prada Sanchez, 19, also of Apex, was present during the stabbing, according to investigators.
Both men are charged with first degree murder and will make court appearances on Monday afternoon.
Before their court appearance Monday, eyewitness Joy Washington sent ABC11 photos of one of the suspects being led around Jordan Lake by authorities wearing an orange-and-white-striped jailhouse jumpsuit.
Lopez and Sanchez are currently being held in jail without bond.
Meanwhile, friends have set up a Facebook page in memory of Perez.
Perez would have entered the 9th grade at Fuquay-Varina High School in a few weeks.