The two were killed as they came under the bus after the huge impact, said SHO Bhagat Singh, adding their bodies were recovered with the help of a crane later.
At least 50 people were injured and rushed to a hospital where 25 of them were stated to be critical, he said.
The incident took place when the bus was on its way to Jalandhar from Bahraich district.
The deceased were identified as Parvesh (30) and Praveen (28).