The pair were clocked going about 100 mph (160 kph) on a public road in Bowling Green, news outlets reported citing Kentucky State Police. The speed limit was 45 mph (72 kph).
Alexander Thim, 27, of West Bloomfield, Michigan, and Mark Derkatz, 30, of Windsor, Ontario, were pulled over Wednesday night. Police said Thim reached speeds up to 120 mph (193 kph), news outlets reported.
The drivers told police they had been at a pool hall earlier in the night, according to the arrest citation. Police said a breath test detected the odor of alcohol but the drivers weren't cited for driving under the influence, news outlets reported.
A third driver was also behind the wheel of a Corvette but police said that person didn't participate in the race.
GM has an assembly plant in Bowling Green. The company said in a statement that it is aware of the incident involving its "test vehicles" and is investigating.
Thim and Derkatz were charged with racing a motor vehicle on a public highway, reckless driving and speeding. Both were booked in jail and then released on a $1,000 bond. They're scheduled for a court hearing in February.