Muzyka and Zeschuk each wrote goodbye letters revealing that they will be leaving the video game industry to pursue new ventures.
Muzyka said that he would like to focus on social impact investing and mentoring for new entrepreneurs.
Zeschuk said that he wants to spend more time with his family and will begin a web-based interview show about craft beer titled 'The Beer Diaries'.
The pair co-founded BioWare in 1995 after earning their medical PhDs. The studio made a name for itself in 1998 with the role-playing game classic Baldur's Gate, which led to a sequel in 2000 and iconic games including Neverwinter Nights, Star Wars: Knights of the Old Republic, Dragon Age and the Mass Effect series.
Aaryn Flynn, general manager of BioWare Edmonton and Montreal wrote his own farewell to the doctors on behalf of the company, saying that the developer will continue the legacy of its founders.
"Ray and Greg built BioWare to last," he said. "They've always known their retirement would come one day, so they developed a team of people who would ensure their standards and culture would endure. We'll humbly carry that torch and continue learning in the process."
Yesterday BioWare announced Dragon Age 3: Inquisition, which is being developed largely by the team responsible for Dragon Age: Origins taking advantage of a new game engine that uses Frostbite 2 as its foundation.
> Read Digital Spy's Dragon Age 2 review
Watch a trailer for Dragon Age 2 below: