Michael D. Joyner, 20, Terre Haute, was arrested on preliminary charges of two counts of murder, one count of attempted robbery, one count of criminal confinement and one count of carrying a handgun without a license.
All three were arrested Wednesday.
Indiana State Police began the investigation after being notified by an unidentified person who allegedly discovered the two victims at a home on State Road 46 in Owen County near Bowling Green.
The investigation received assist from the Terre Haute Police Department, U.S. Marshals Service and Owen County Sheriff's Department.
Officials with the Owen County Jail confirmed all three suspects are still being held in the facility. Joyner is being held without bond while Smith was being held on a $50,000 cash bond only and Olson was being held on a $20,000 cash bond only.