Nick Reiner is charged with two counts of first-degree murder

Nick Reiner will be charged with two counts of first-degree murder. 

If convicted, the 32-year-old could face life in prison without the possibility of parole or the death penalty.

During a press conference Tuesday afternoon, Los Angeles County District Attorney Nathan Hochman said no decision has been made on whether prosecutors will seek the death penalty. 

'He also faces a special allegation that he personally used a dangerous weapon, that being a knife,' Hochman said. 

The latest announcement comes two days after Nick's parents, famed director Rob Reiner and his photographer wife Michele, were found savagely murdered with their throats slit in their $13.5 million Los Angeles mansion on Sunday. 

Nick was arrested in connection with their deaths later that day, and dramatic arrest video captured the moment cops swooped in to arrest him at a busy intersection in the downtown area of the city, about 15 miles from the family's Brentwood home. 

He was arrested without incident Sunday evening, and there was no indication that he would resist or flee, Los Angeles deputy police chief Alan Hamilton said.

Reiner, 78, had a 'very loud argument' with his son at a Christmas party hosted by comedian Conan O'Brien on Saturday - just hours before the double murder, TMZ previously reported.

Several witnesses told the outlet Nick, who has a track record of alleged violence and substance abuse, was acting erratically at the bash.

Reiner reportedly brought the 32-year-old, who lived on his parents' property, to O'Brien's holiday party to 'keep an eye on him.'

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Guests at the A-list packed holiday party alleged that Nick displayed 'antisocial behavior,'  including staring at attendees.

At the party, sources also told People that he was 'acting crazy', and 'kept asking people if they were famous.'

Romy Reiner, 27, the late couple's youngest child, who lives across the street from them, was the one who discovered her parents' lifeless bodies the following afternoon.

Her brother Nick, the couple's middle child, was arrested on Sunday night for allegedly fatally stabbing them in their bed.

Police were able to locate him after he checked into a motel close to Santa Monica's famous pier.

During a raid of his room, authorities reportedly found a shower 'full of blood,' more blood all over the bed, and the windows blacked out with bedsheets.

The LAPD said he was found with 'good, solid police work', with arrest logs showing he was taken in around six hours after the first 911 call was made Sunday afternoon. 

A witness earlier told the Daily Mail how they saw five unmarked police cars surround Nick, who appeared to remain calm as armed homicide officers and US Marshals approached and slammed him to the ground.

Police said Nick was taken into custody 'without issue', with no indication he was going to resist or flee, before being moved to a police station for questioning.

'He didn't see them coming,' bystander Kevin Cheatham, 34, told the Daily Mail, adding that Nick appeared to remain 'cool' and calm.

Cheatham said he was standing across the street at the intersection of Exposition Boulevard and Vermont Avenue on Sunday when he saw a 'normal looking guy' wearing a backpack, jacket, beanie, and blue walking by himself.

He said he noticed the man walking across the sidewalk alone when cops arrived, and kept watching while police and a K9 unit arrived at the scene 30 minutes later.

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It is unclear whether Nick took the metro or a taxi to the area from the Pierside Hotel in Santa Monica, where staff reportedly discovered a shower 'full of blood', blood all over the bed, and the windows blacked out with bedsheets.

But Cheatham claims Nick had been on the move, 'going westbound on Exposition on foot' when police pulled up on him.

'I'm assuming they caught him surprised. He wasn't attacked, he was approached. He was minding his own business,' the witness said.

Nick had been living in the guest house of his parents' mansion, a source close to him told the Daily Mail.

'It had been like a revolving door all his adult life,' the source claimed.

'He would do meth and not sleep for days and then have outbursts, breaking things, punching walls. He was a ticking time bomb. His drug use was getting worse and his parents wanted him out.'

Nick is currently being held in the Twin Towers Correctional Facility in downtown Los Angeles, where his bail was initially set at $4 million before being rescinded.