Police were called to a property on Lower King Street, Caboolture, just after 5.15pm where they found two men with gunshot wounds.
Witnesses allegedly told police a man was seen fleeing the area in a Toyota Yaris soon after the shooting.
The two victims – aged 23 and 37 – were pronounced dead and a crime scene was established.
Shortly after 7pm, police arrested a 24-year-old man at a service station on Beenleigh Redland Bay Road at Cornubia.
A Yaris was also found at the service station and was taken for forensic examination.
As well as the two murder counts, the 24-year-old Caboolture man has been charged with possession of a shortened firearm, unlawful possession of weapons and authority required to possess explosives.
He will appear in the Caboolture Magistrates Court tomorrow.
Police investigations continue.