The Panchayat meeting had been called to settle a land dispute in Ram Nagar Bazar in Alapur area when one Bablu Yadav started firing indiscriminately on the other side after an argument, police said.
Former village head Jagannath Yadav and Hariram Chaubey were killed on the spot while two others were seriously injured, they said.
A search has been launched to nab the accused, they said.