Two students of a local engineering college went for a picnic at Pahinebari village on Trimbakeshwar-Ghoti road last evening.
There they decided to go for a swim in a water pit. However, after sometime they drowned as they were unable to assess the depth of the water body, a police official said.
The deceased were identified as Sangram Shirsath (23), a resident of Gangapur road, and Kaustubh Bhingardive (26), from Rahuri in Ahmednagar district, he said.
The villagers later fished out the bodies which were sent for postmortem and then handed over to their relatives.
The bodies were later retrieved and sent for autopsy, police added.