They have evaded New Zealand police for 10 months since an arrest warrant was issued for Bennett in relation to a sexual assault in Auckland and fraud allegations.
The victim of the alleged assault, who has automatic name suppression, said she was relieved to hear he had finally been caught.
"I'm extremely relieved that it's over," she said.
Meanwhile, an Auckland student on holiday in Sydney is in for an unexpected windfall after spotting the allegedly stolen yacht and leading police to Bennett and Wright.
Felix Fielding, 19, was staying with a family friend at Avoca Beach when he saw the yacht offshore.
"Something just triggered in my mind that I'd seen that boat before, then I found out online that it had been stolen and might have been sailed up to Australia," he told NZME. News Service.
Mr Fielding said he and a friend drove down the coast following the yacht and reporting its location to police, who took his sighting "very seriously", he said.
"We stopped at the high points in each bay and phoned police each time to tell them we'd seen it and where it was going.
"By the time it was heading in to the harbour we had lost it because it had no lights on and the sun had gone down."
He said the yacht was sailing with a quarter sail.
"Which would mean there's something damaged to it or they're not that worried about moving anywhere quickly," he said.
His eagle eyes earned him a share of a $50,000 reward posted by South Island businessman Mike Jacomb, who alleges Bennett defrauded him of $250,000.
Today he said he was "thrilled" with news of the arrest.
He said he was confident the pair would be brought back to New Zealand to face justice.
"They never cleared New Zealand Customs, so it's not an extremely difficult extradition, it's only a matter of bringing them back here now," he said.
"They've got a lot to answer for."
Mr Jacomb said the $50,000 reward would be split between a number of parties who helped in the search, but said paying Mr Fielding was a "high priority".
"There's quite a few people who have helped with this exercise, hence he knew about the boat, and Felix understands that," he said.
"He's done a great night's work. I suspect he'll be very pleased with the time and effort he put in."
Mr Jacomb said how the money would be split between the people involved would remain confidential. "I'm looking forward to paying them all."
Bennett was charged with receiving stolen goods from outside NSW and for an outstanding warrant, and would appear at the Downing Centre District Court today. He was refused bail.
Wright was released pending further inquiries.
New Zealand police said today it was too early to comment on whether Bennett and Wright would be extradited to New Zealand.
The stolen yacht the fugitives are alleged to have fled the country on belonged to Whangarei couple Steve and Carol Holland. The 14m kauri cutter had been for sale for $145,000.
Mr Holland told the Northern Advocate he was pleased that it had been found. He did not want to comment further until he had spoken to police.
It was understood the yacht has a damaged forestay.
This month the Otago Daily Times reported the couple had been sighted in Dunedin after selling a distinctive BMW to a car dealer last year.
