Biography
Born in Boston, Richard has published translations of Yves Bonnefoy, Alberto Savinio, Daniil Kharms, and Henri Volokhonsky.
Larissa Volokhonsky, a native of St. Petersburg, has made Russian translations of theological works by Alexander Schmemann and John Meyendorff.
Together they have translated a number of Russian books: Dead Souls and Collected Tales by Nikolai Gogol, The Master and Margarita by Mikhail Bulgakov, and five works by Fyodor Dostoevsky: The Brothers Karamazov, Notes from Underground, Crime and Punishment, Demons, and The Eternal Husband (a collection of short stories). They have also produced an excellent collection of Anton Chekhov's Stories. Apparently their translation of Tolstoy's Anna Karenina was published by Viking/Penguin recently.
My opinions
Their version of Bulgakov's The Master and Margarita truly gains that magic something in the translation.
At the time of this writing, they are now working away at Dostoevsky's The Idiot, which will complete their master stroke of all his novels. Compared to the age-worn Garnett translations, their readings are swift, passionate, and just plain revelatory. Clear.
After one go of their Dmitri Karamazov, I was forced to track down their body of work. Try it. The idioms somehow come through; not untouched, but not defiled. For more information on why one would consider the translated word a work of art, see translation. (I have yet to read their Tolstoy bits and pieces.)
Bibliography
http://www.feedmag.com/book2/dialog.html (Dialog between translators on the art of translation)
Book mini-bios
http://www.abc.net.au/rn/arts/ling/stories/s280459.htm (Weird ultra-literati discussion of their Anna Karenina translation)
http://www.incommunion.org/pevear.htm (Pevear's introduction to Demons)