The picture of the two hurtling down was captured by a resident of a neighbouring block as smoke poured from the building in Xuhui district.
Qian Lingyun and Liu Jie, aged 23 and 20 respectively, were blown through a window in the structure by an explosion while engaged in rescue efforts, the South China Morning Post reported.
The pair had been working with the fire service since December 2012.
The fire broke out at 2 pm on Longwu Road yesterday and emergency services responded to control the flames.
Both were taken to hospital, but later died of their injuries.