Police say on February 4th, 2010, the body of 32-year old Nickalaus Schaffer was found on private property in the 1100 block of River Lane which is just off River Road.
Wichita Falls Police Chief Manuel Borrego says Schaffer had been shot numerous times by a male suspect, who is currently at large, and stabbed by both women.
Acosta has been in jail for more than 200 days according to jail records on four charges, assault of a public servant, public intoxication, possession of a controlled substance and two bond violations on drug posssession charges.
Hernandez, who has also been listed with the last name Sanchez, was booked into jail Monday night.
According to Chief Borrego, Acosta recently confessed to be part of Schaffer's murder who she reportedly had a relationship with.
Borrego said Acosta sites the motive as fraud.
He also says hard work from police and the district attorney's office is what led to the arrests in this case in this complex case.
"It was tying in the cell phone. We had to get cell phone records. We had to get video recording of when and were we saw the suspects together and it wasn't in town. It was stuff that was out of town that we had to retrieve," Borrego said.
Chief Borrego tells us investigators are currently seeking a warrant for the arrest of a third suspect.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.