Eggemolesse-Smith made his AFL debut in round 16 against the Suns this year, and played two senior matches in 2019.
Aarts is yet to make a senior appearance, but was an important piece of Richmond’s VFL side over the course of the season.
“We are excited to have Jake and Derek sign on for season 2020,” Richmond’s List Manager Blair Hartley told the club’s website.
“Both players are hardworking and have shown to be consistent performers at VFL level.
“They are talented and exciting to watch and we look forward to seeing them progress and improve.”