The two 19-year-olds died when the car they were in left the B717 Benhar Road in Shotts, North Lanarkshire, at around 1:50am, according to Strathclyde Police.
Two others were injured. A 20-year-old is described as being in a serious but stable condition and a 17-year-old is thought to have a broken leg.
Police said a Renault Clio was travelling south on Benhar Road when the driver appeared to lose control of the car, and it careered across the carriageway.
The 19-year-old front seat passenger died at the scene along with another 19-year-old man.
Two other men - aged 20 and 17 - were taken by ambulance to Wishaw General Hospital.
The 20-year-old suffered a punctured lung, and doctors describe his condition as serious but stable. The 17-year-old sustained a broken leg.
Inquiries are ongoing and police are appealing for witnesses.