Police recovered the suitcase containing the body of 31-year-old Mahtab Ahad Savoji on 28 January, according to the Gazzettino daily. She had been strangled.
Investigators believe Savoji was murdered in the northern city of Milan by her two roommates, who put her corpse in a suitcase and transported it to Venice, the paper reported.
After dumping the suitcase containing Savoji's body in the canal, the suspects paid 500 euros for a taxi to drive them back to Milan, Il Gazzettino said.
The unnamed 30-year-old Iranian hotel maid and 29-year-old hotel porter face charges of murder and concealing a corpse, according to the paper.
Police from Milan and Venice are cooperating in the investigation, which is being coordinated by prosecutors in Milan, Il Gazzettino added.