Craig Whyte and Charles Green have been charged over their alleged fraudulent acquisition of Rangers in 2012.
Former club owner Whyte faces charges of serious organised crime offences in addition to ones relating to conspiracy, while ex-chief executive Green has been charged with conspiracy, fraud and an offence under Section 190 of the Companies Act 2006.
Both men spent time in charge at Ibrox around the time of the club's financial crisis, which saw them enter administration and liquidation before being demoted to the bottom tier of the Scottish Football League.
David Whitehouse, who served as Rangers' co-administrator at the same time, has also been charged with serious organised crime offences and conspiracy.
The trio were all granted bail having made no plea or declaration, and left Glasgow Sheriff Court to angry protests from Rangers supporters.
Police Scotland have also confirmed that they have arrested another man in connection with the acquisition, thought to be former club administrator Paul Clark.