The incident occurred at around 8.30 PM yesterday when driver of the Sport Utility Vehicle (SUV) lost his control and rammed into a roadside sandwich stall near ACB office in Worli, they said.
The victims were identified as Vrushali Tirmare (26) and Surendrakumar Chouhan (28) who succumbed to injuries while undergoing treatment at different private hospitals here.
The vehicle belonged to MLA Ashish Deshmukh but he was not present in the four-wheeler at the time of the accident, said Deputy Police Commissioner S Jaykumar.
The duo, sustained serious injuries and were bleeding profusely. They were soon rushed to nearby hospitals where they died while undergoing treatment.
Shaikh was subsequently arrested, the DCP said.
"He was alone in the vehicle at the time of the incident. Although, he was not found to be under influence of alcohol, his blood samples have been taken," he said.