We present near-infrared and optical observations of the Type Ic Supernova (SN) 2020oi in the galaxy M100 and the broad-lined Type Ic SN2020bvc in UGC 9379, using Gemini, LCO, SOAR, and other ground-based telescopes. The near-IR spectrum of SN2020oi at day 63 since the explosion shows strong CO emissions and a rising K-band continuum, which is the first unambiguous dust detection from a Type Ic SN. Non-LTE CO modeling shows that CO is still optically thick, and that the lower limit to the CO mass is 10 −3 M . The dust temperature is 810 K, and the dust mass is ∼10 −5 M . We explore the possibilities that the dust is freshly formed in the ejecta, heated dust in the pre-existing circumstellar medium, and an infrared echo. The light curves of SN2020oi are consistent with a STELLA model with canonical explosion energy, 0.07 M Ni mass, and 0.7 M ejecta mass. A model of high explosion energy of 10 52 erg, 0.4 M Ni mass, 6.5 M ejecta mass with the circumstellar matter, reproduces the double-peaked light curves of SN2020bvc. We observe temporal changes of absorption features of the IR Ca ii triplet, S i at 1.043 µm, and Fe ii at 5169 Å. The blue-shifted lines indicate high velocities, up to 60,000 km s −1 for SN2020bvc and 20,000 km s −1 for SN2020oi, and the expansion velocity rapidly declines before the optical maximum. We present spectral signatures and diagnostics of CO and SiO molecular bands between 1.4 and 10 µm.