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, the BBC reported.
Chief Inspector 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.
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"Anyone found committing this offence will be arrested and charged'.
Lasers cause a dazzling light in the cockpit and their high-powered beams can cause serious eye damage.
There are strict legal limits on laser sales in the UK and for general use they must be 1 milliwatt or less.
CAA figures show there were 1,439 laser attacks on aircraft in the UK last year - equivalent to almost four a day.
Heathrow airport was the most common location with 121 incidents, followed by Birmingham airport (94) and Manchester airport (93), The Independent reported last month.