Andrew McMenigall, 47, and Toby Wallace, 36, were cycling from Land's End to John O'Groats when they died in the crash on the A30 in Newquay, Cornwall, in July 2013.
The pair, who worked for Aberdeen Asset Management (AAM), were 40 miles into the 960-mile bike ride to raise money for two charities. They died in the crash with a white Renault lorry at about 8.30am on July 2.
Devon and Cornwall Police arrested the driver of the lorry on suspicion of causing death by dangerous driving. He was later released on bail.
The force announced yesterday that Robert Wayne Palmer, 32, from Bude, had been charged with two counts of causing death by dangerous driving.
Mr Palmer has also been charged with a further count of dangerous driving in relation to another crash on September 21 2013, on the A30 near Okehampton in Devon.
He has been released on bail to appear at Bodmin Magistrates Court on June 3, a police spokesman said.
Mr McMenigall, from Edinburgh, was married with two daughters and was a keen triathlete. He had previously served as an officer in the Army before joining AAM.
Mr Wallace was from Philadelphia in the United States where he worked for AAM. He was part of an eight-man team that rowed across the Atlantic last year to raise money for charity. Their bike ride was to raise money for the Kirsten Scott Memorial Trust, named after a 25-year-old colleague who died from cancer in 2011.
Mr McMenigall was also raising money for It's Good 2 Give, an Edinburgh-based charity that offers support to people with cancer and their families.