Balta has played 70 games for the yellow and black since making his debut in Round 1, 2019, now being an integral piece of Richmond's back six.
After moving into defence in his second season, the 23-year-old has established himself as one of the top contested marking players in the league.
His versatility at 194 cm to play on talls and smalls has been a valuable asset for coach Damien Hardwick.
The mature-aged recruit currently leads the club for spoils - 10th in the League, with his contested defensive one on one loss rate being one of the best only at 12.5%.
Richmond's General Manager of Football Talent Blair Hartley says the duo's signings are important pieces for the club's next generation.
"Its has been pleasing to see Noah and Tylar playing together as our key defensive pair for most of the start to this season, building synergy and not being overawed by the tasks of playing on the opposition's best forwards," Hartley said.
"Noah has achieved a lot in his first five years with us, and we believe his best football is still to come.
"This contract extension rewards his hard work behind the scenes. We look forward to seeing his game continue to grow as he is an important part of a culture.
"Tylar has made an impressive start to his career, not putting a foot wrong in his time with us both in the AFL and when part of our VFL squad.
"He has worked hard for his opportunities, and we look forward to seeing what he can continue to achieve across the next two years and beyond as he continues to develop all facets of his game.
"We are excited by his potential given what he has achieved in such a short time."
The pair join co-captain Dylan Grimes, who also put pen to paper on Wednesday for a 15th season in 2024.