Ngo Tan Dat and Nguyen Thanh Long, both 17, were arrested by HCMC police for deliberate destruction of property.
Police are also searching for another person, who supposedly hired the teenagers to set fire to the car.
On Wednesday, Dat and Long rode up to a house in Binh Chanh District, using gasoline to set fire to a Hyundai Tucson parked nearby.
The flames engulfed the car and damaged another next to it. Dat and Long's actions were captured by security camera.
A 33-year-old woman, owner of the Hyundai Tucson, said she was woken at 2 a.m. by loud noises, before seeing flames and smoke coming off her car parked in front of the house. She shouted for help and tried to put out the fire, but failed. It took mere minutes for the car to be engulfed by the blaze.
"My husband and I have no conflict with anyone," she said, adding the car was bought in 2019 for over VND1 billion.
Dat and Long were caught nearly one day after the incident.