Officers on patrol in the Drylaw area observed a green light coming from Marine Drive just before midnight.
Edinburgh Airport later confirmed that a pilot had reported a laser pen incident during the plane's descent.
A 16-year-old boy and four females, aged 16, 17, 19 and 22, who were in two vehicles in Marine Drive, were arrested.
They will all appear in court at a later date.
Ch Insp Mark Rennie, of Police Scotland, said: "The use of laser pens to distract or obscure the vision of a pilot is an extremely serious offence, which can have very serious consequences.
"We regularly patrol roads below approach routes to deter offenders and respond quickly to any notifications from pilots.
"Anyone found committing this offence will be arrested and charged'.
Five people have been charged after a laser pen was shone at an aircraft in Edinburgh on Friday.