Tran Nguyen Phuong, deputy head of the city's traffic police division, announced the decision Sunday.
Previous bike race violators in the city were only let go with cash fines and none have faced criminal charges.
Hundreds of people on March 19 blocked a HCMC-Long Thanh-Dau Giay Expressway section through Thu Duc City to organize an illegal race, said Phuong. The incident subsequently brought all other traffic to a halt, he added.
The investigation remains ongoing.
Illegal races have been a headache in HCMC as of late, said Phuong. Many racers are still school students.
Under the Penal Code, illegal street racers could face up to 15 years in jail.