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'.

Market Cross Jewellers on Linthorpe Road in Middlesbrough was targeted on Tuesday by men carrying what were thought to be axes.
No-one was injured, and police have not released any details of what was taken.
In November, watches, and diamonds worth hundreds of thousands of pounds were stolen during a raid at the store's branch in Yarm.
A 24-year-old man from Manchester was arrested on 8 January in connection with that robbery and later bailed pending further inquiries.
Temporary Det Ch Insp John Ward said: "There are clearly similarities between [yesterday's] robbery and the one that took place in Yarm in November and numerous lines of inquiry are being pursued in both cases.
"Officers would like to speak to anyone who may have seen, or have knowledge of, a silver Citroen C Crosser motor vehicle bearing the registration plates MK60 XCD.
"We believe this vehicle was involved in the [Middlesbrough] robbery and it was later discovered abandoned in the car park next to Leader timber merchants on Newport Road, Middlesbrough.
"We would also appeal to local hoteliers and to those who run local bed and breakfast venues to alert us should they have had any guests who may have raised their suspicions over recent days and who may have spoken with a North West accent."

Edward Davies, 39, from Hampshire, has not been in touch with his family or friends since Sunday 8 May.
Extensive searches involving mountain rescue teams, search dogs, police and a helicopter have been made since he was reported missing the following Wednesday.
Mr Davies, an experienced hillwalker, had planned to climb Sgurr na h-Ulaidh.
In a statement released on Tuesday, his family said they still held "every hope" of him being found alive.
They have been told by police of the discovery of the body.
Five people have been charged after a laser pen was shone at an aircraft in Edinburgh on Friday.
[NEXT_CONCEPT]
An armed raid at a jewellers could be linked to one at another branch three months ago, police have said.
[NEXT_CONCEPT]
A body has been found during a search of Glen Coe for a hillwalker who was reported missing last week.