Bell, who has spent time with local rivals Leicester, has agreed to a four-year deal at the club, while former Livingston centre-back McPake has signed just a two-year deal.
"Bell and McPake have both signed new deals committing them to the club for the next couple of years," manager Andy Thorn told the club's official website.
"Belly has been a revelation since we took over, and after the injury troubles he's had he is now looking forward to spending more time in the first team.
"James also missed a lot of football last year with his broken back, but he's got a few 90 minutes under his belt now and he's only going to get better.
"I brought both players into the club when I was chief scout and both are players I'd admired for quite a while."
Coventry meet Leicester at home in the side's opening game of the season on Saturday.