The second officer, Ricardo Rebolledo, 27, wrote a false statement to Villanueva's insurance company, vouching for Villanueva and his alibi on the day of the fabricated theft, according to a statement released by the district attorney's office.
Rebolledo is expected to surrender Tuesday in court, when both officers are scheduled to be arraigned.
The charges are the result of an investigation conducted by the California Department of Insurance. Officials at the state agency did not respond to calls for comment on how the officers first came under suspicion.
Both officers were at the beginning of their careers, having joined the department in September 2009. They would have just recently completed or still have been in the midst of the one-year probation period every officer goes through after graduating from the department's training academy.
Police officials did not respond immediately to questions about the officers' work status or details of Villanueva's arrest, and the officers could not be reached for comment. If convicted as charged, Villanueva faces a maximum sentence of a little more than six years in state prison and Rebolledo as much as five years in state prison.
Prosecutors are expected to request $75,000 bail for Villanueva and $25,000 for Rebolledo.
It is the fourth fraud-related case against police officers to arise in recent months. In July, a Los Angeles County Sheriff's deputy turned himself in after an arrest warrant was issued for him stemming from his suspicious claim that his SUV had been stolen.
And, this month, two LAPD officers were arrested on suspicion of committing worker's compensation fraud.
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