The SFO said the charges of Wells, 39, residing in Spain, and Debenham, 43, of Norwich, were a “critical step” in its investigation.
Emma Luxton, director of operations, added planholders were left “exposed, out of pocket and uncertain about their funeral arrangements”.
Pre-paid funeral plans are designed to allow people to pay for their own funeral in advance, in order to help their families financially when they die.
Since July 2022, pre-paid funeral providers have required approval to operate from the Financial Conduct Authority.
Safe Hands was one of dozens of companies operating in the previously unregulated sector, and collapsed four months before the measures came in.