The two men "acted as enforcers and accomplices" of Taiwan independence and caused a "severely negative impact", the police statement said, urging the public to provide information on them.
Beijing considers Taiwan part of its own territory and has not ruled out using force to bring the island under its control.
However, authorities in Taiwan criticised the reward offers as being "just for show" as Beijing does not exercise effective jurisdiction over the self-ruled democratic island.
Chinese authorities did not specify which content they were referring to, but Wen in December uploaded a documentary featuring Chen on the topic of Beijing courting popular Taiwanese influencers to promote unification.
The social media creators had "viciously attacked and smeared the mainland's preferential policies toward Taiwan", police from Quanzhou, in China's eastern Fujian province, said in a statement.
People who offer effective leads, or assist in Wen and Chen's capture, will be eligible for monetary rewards ranging from 50,000 to 250,000 yuan ($7,000 to $35,225).
The two-part documentary, which delved into all-expenses-paid trips offered to Taiwanese influencers with large followings, was viewed millions of times.
It sparked outrage domestically among groups opposed to Beijing's interference in Taiwanese politics.
Taiwan on Thursday said the "so-called reward notice" was "just for show".
"Everyone knows that the accusation against them is basically that they are advocating Taiwan independence, and basically, for the CCP, this kind of charge doesn't require evidence at all," said Liang Wen-chieh, deputy minister of Taiwan's Mainland Affairs Council.
"The reward is merely for show, and it also serves to create division and conflict within Taiwanese society," Liang added.
China in October also opened a probe into Puma Shen, a prominent Taiwanese lawmaker it has previously sanctioned, for alleged criminal "separatist activities".
The public security bureau of southwestern Chongqing said it had "decided to open a case for investigation" into Shen and will "pursue his criminal responsibility in accordance with the law".
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