They struck with their first goals for the club to help Wolves to their first win in nine games.
Midfield man Edwards, signed from Luton, struck after just eight minutes with the opening goal when he squeezed a close-range shot under the body of goalkeeper Joe Murphy after good build up play involving Matt Jarvis and Andy Keogh.
Ebanks-Blake came close to getting on the scoresheet midway through the first half with a looping header that brought the best out of keeper Murphy.
But relegation-threatened Scunthorpe have only themselves to blame for not being back on level terms by the interval.
Leading marksman Martin Paterson and midfield man Ian Morris both missed clear opportunities when they failed to hit the target with only goalkeeper Wayne Hennessey to beat.
Hennessey was called into action for the first time just before the break when he reacted well to keep out a close-range shot from Paul Hayes.
The game slipped beyond Scunthorpe's reach in the 46th minute when Ebanks-Blake raced through a pedestrian home defence to produce a clinical finish past Murphy from the edge of the box.
It was the type of goal that persuaded McCarthy to pay £1.5million for him last week from Plymouth.
Ebanks-Blake almost struck again in the closing stages when he pulled a shot across the face of the goal and just wide of the far post.
Scunthorpe introduced their new signings Ben May and Grant McCann from the substitute's bench in the second half to try and get them back into the game.
They huffed and puffed but seldom threatened Hennessey's goal as their depressing home form continues and they are now without a win in ten games.