Their Honda Civic was in the crash with a Hackney taxi in Hillington on the southside of Glasgow shortly after midnight.
It resulted in both vehicles leaving the road, with the Honda hitting a tree and the taxi crashing into a fence.
A 23-year-old man driving 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 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.
Sergeant Jo McPherson, of the divisional road policing unit in Glasgow, said: "Although this crash happened in the early hours of this 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."