The two cousins - Raj (18) and Avisek Hela (20)- had played holi with friends on March 17 in the area but could not be spotted later on, police said.
The cousins had sat for this year's Madhyamik Examinations.
After fishing out the bloated bodies from a pond in Srikrishna Pally police sent the two for post-mortem to ascertain the cause behind death.