KickOff.com, the duo will reunite with Arrows legend Musa Bilankulu, who also joined the Eastern Cape outfit earlier this month.
Phewa (26) and Davies (30) are not new to the first division as they previously played for Real Kings before joining Abafana Bes'thende under coach Steve Komphela.
Chiefs boss Nkosinathi Mqokiyana has expressed his delight at securing the services of the duo for the AmaMpondo football club and revealed his expectations for the two new signings.
"I am excited to have Phewa in our squad because he is a proven striker in the league," said the chairman in a statement.
"I expect them to help us in leadership and the experience they possess is needed at the club, hence we have the likes of Musa Bilankulu."