The mishap occurred under the Nayagaon police station limits when the five were going to Ujjain district in Madhya Pradesh from Gujarat, Hospital police post Assistant Sub Inspector B A Kathha told PTI.
One of the deceased - Parth - died on the spot, while the other deceased - Jayant - succumbed to his injuries in a hospital during treatment, the ASI said.
He said the injured have been rushed to Indore for treatment.
A case has been registered in this regard and investigations are underway, police said.