Their Honda Civic was in collision with a Hackney taxi in Hillington, Glasgow, shortly after midnight yesterday.
It resulted in both vehicles leaving the road, with the Honda hitting a tree and the taxi crashing into a fence.
The 23-year-old driver of the Civic and his 25-year-old passenger both died at the scene.
The driver of the taxi, a 56-year-old man, was uninjured while his 44-year-old male passenger suffered minor injuries and was treated at the nearby Southern General Hospital.
A report on the incident will be submitted to the procurator fiscal and police are appealing for witnesses to contact them.
The accident happened on the A736 Hillington Road, south-east of its junction with Deanside Road in Renfrew's Hillington Industrial Estate.
Sergeant Jo McPherson, of the divisional road policing unit in Glasgow, said: "Although this crash happened in the early hours of the morning, this is a busy junction and I am sure there would have been a number of other vehicles on the road who saw what happened."
The names of the victims have not been released by the police.