Dilma Rousseff and Luiz Inacio Lula da Silva who is attempting a comeback after his disgraceful impeachment in 2016.
"The crimes are believed to have taken place at least from mid-2002 to May 12, 2016" the attorney general's office said.
Their Workers' Party allegedly fleeced $475 million in bribe money, "making use of public entities including Petrobras, the National Development Bank (BNDES) and the Planning Ministry," according to the charges.
Attorney General Rodrigo Janot alleged that much of what became a transnational graft operation was run by Lula.
Dozens of senior leaders across the political spectrum and high-ranking businessmen have been investigated or convicted since the sprawling "Car Wash" corruption scandal broke in 2014.
The investigation has centred on Petrobras, where inflated construction contracts were used by business leaders and politicians to siphon billions of dollars.
In July, Lula, Brazil's first woman president was convicted of graft.