Rochina, 19, joins from Barcelona on a four-and-a-half-year deal, and Formica, 22, arrives from Argentina's Newell's Old Boys on a contract running to 2014.
Rovers boss Steve Kean said: "Ruben is a genuine addition to our senior squad, a young player with great ability.
"Mauro is a fantastic talent, an attacking player with great technical ability who has been in great demand."
Both players arrive at Ewood Park for undisclosed fees.
Valencia-born Rochina has come through Barcelona's youth system and is a Spain under-19 international.
He has scored twice in 13 appearances this season for Barcelona's B team, who play in Spain's second tier.
Kean added: "Ruben joins our elite development group alongside the likes of Phil Jones and Junior Hoilett and will compete for a place in the team from the word go.
"The fact we are able to sign young players from the likes of Barcelona is further evidence of the owners' intention to push the club forward."They told me they were keen to add to our youth development group and this is a significant and exciting signing for us."
The highly rated Formica is a product of the Newell's Old Boys academy and was capped at youth level by Argentina before making his debut for the club at 18.
He and Rochina join fellow January arrivals Jermaine Jones and Roque Santa Cruz - both on loan deals - in the Blackburn squad.
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