Jason Baccus, 41, and Scott Keeping, 44, are accused of killing the 61-year-old who was shot dead during a burglary at his £1m home in St Ives, Dorset, during the early hours of April 30.
The pair have also been charged with aggravated burglary.
They are due to appear before magistrates in Bournemouth tomorrow.
A 40-year-old man from the Blandford area of Dorset who has been arrested for murder continues to be questioned by detectives.
A 40-year-old Bournemouth woman is also being held on suspicion of conspiracy to murder and conspiracy to commit aggravated burglary.
Mr Hedger, a marketing director at insurance giant LV=, was at his home with his husband Simon Pierre Hedger-Cooper in the village of St Ives, near Ringwood, when he was fatally shot.
A post-mortem examination found he died as a consequence of gunshot wounds.
Detective Superintendent Kevin Connolly, said: “Following a fast moving and thorough investigation, we have consulted with the Crown Prosecution Service who authorised the charges.
“Family liaison officers have updated Guy’s family with this development and our thoughts are with them at this difficult time.”
John Montague, senior district Crown prosecutor from the CPS, said: “Following a review of the evidence, I have authorised Dorset Police to charge Jason Baccus, 41, and Scott Keeping, 44, with the murder of Guy Hedger.”
The businessman was shot dead in front of his husband after at least two men broke into their home to steal designer watches in a targeted burglary, say police.
Mr Hedger was shot moments after calling 999 after intruders broke into his £1million home in Dorset in the early hours of Sunday.
When authorities arrived they found Mr Hedger suffering from a gunshot wound. Paramedics battled to save the victim’s life but he was pronounced dead at hospital.
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