Etuari Mund alias Rinki and Ratani Kissan alias Pinki of Sisudihi village, students of class eight in Labangalata High school at Jharbeda, were missing since Thursday.
The family members had reported their disappearance to the police. Yesterday evening, the bodies were found by a local cowherd.
The police recovered a note nailed to the tree from which they were found hanging, the sources said adding it was suspected that both the girls were love with one boy which led to the incident.