The incident occurred yesterday on the Noorpur-Moradabad road after a quarrel between the victims and the accused, they said.
The police has arrested one of the three accused, Deepak, a CRPF jawan who is on leave, for allegedly driving the car over the victims, Station House Officer (SHO) at the Noorpur Police Station, Satendra Kumar, said.
Pramod Yadav, a Home Guard, died on the spot and Prashant Yadav was admitted to a hospital in Moradabad where doctors stated his condition as serious, Kumar said.
Pramod's father has lodged police complaint, Singh said.
He said it seems to be a case of personal animosity as the complainant has claimed that the they got into a quarrel at a religious function in the village.