The incident took place in Kulekhani village in southern Nepal's Makwanpur District.
The dead have been identified as Ghanshyam Prasad (60) and Deviyanti Devi (63), both members of a family from Ranchi who were going to Kathmandu.
The jeep met with the mishap in an accident-prone area at Kulekhani in Makwanpur district, police said.
"The jeep with the Indian registration number GHO1DD 7207 fell around 200 metres down the road at around 4 pm today," The Himalayan times quoted police source as saying.