Bronson Sims, 18, from Longwick, Buckinghamshire, and David Bonner, 46, from Wealdstone in London, were arrested during Norwich's 3-0 victory at Carrow Road.
The pair are due to appear before Norwich Magistrates on 4 September after being charged with racially aggravated threatening behaviour.
In a statement on the club's official website, Watford said: "Watford FC can confirm that two supporters have been arrested and charged with racially aggravated behaviour after incidents at the Hornets’ game with Norwich City at Carrow Road on Saturday.
"The duo have been bailed and will appear in court in September, as part of their bail conditions they cannot attend football matches.
"The club was saddened to hear this news and wishes to reiterate that any supporters found guilty of such allegations will be banned for such behaviour. Watford Football Club has a zero-tolerance policy on racism and other discriminatory behaviour.
"Supporters are reminded below (on the website) on how they can report any similar instances at football matches.
"Watford FC wishes to thank Norwich City FC for their assistance in this matter to date."