According to Automobile magazine, the cars the suspects were driving were the new 2020 Chevrolet C8 Corvette Stingray, a auto which they describe as needing a "racetrack to exploit its full potential".
GM has an assembly plant in Bowling Green.
According to reports by USA'sAutomobile magazine and Kentucky TV station WNKY 40, one of the Corvette drivers was reportedly clocked at 120mph (193kmh) while there other was written up for travelling at 100mph (160kmh).
Alexander Thim, 27, and Mark Derkatz, 30, were stopped by police while racing the luxury cars down a Kentucky road.
A third Corvette was driving with the men, but the driver did not participate in the race and was not cited, police said.
Both men work for General Motors.
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The day after their arrest, the two men were arraigned at the district court of Warren County, Kentucky, where they were scheduled for their next appearance on February 18.
A statement from General Motors to United States media outlet Automobile said: "We are aware of an incident involving our test vehicles and are now investigating. We have no further comment at this time", General Motors said in a statement.
The new mid-engine 2020 Corvette Stingray is seen at the Next Generation Corvette Reveal event in Irvine, California on July 18, 2019.
It is unknown at this time if the two engineers will remain employed with General Motors after this incident.
Automotive journalists voted it the North American Car of the Year on Monday.