The pair, 23-year-old twins from Iraq, were arrested on Tuesday near Forssa, a town in southwestern Finland.
They arrived in the country in September, but police would not confirm whether they had sought asylum.
"The men are suspected of murdering by gunfire 11 unarmed and defenceless prisoners," the National Bureau of Investigation said in a statement.
The incident allegedly took place during a massacre in the Iraqi city of Tikrit in June 2014 as clashes raged between IS militants and Iraqi troops.
The highest estimates put the number of executed cadets at 1,700.
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