The mishap occurred yesterday, they said, adding the deceased has been identified as Anup Bhardwaj, hailing from Dholpur.
The injured Chandraprakash and Kunal Singh were rushed to a nearby hospital, police said.
Meanwhile, the Jaisalmer Police arrested three bike lifters after seizing two motorcycles from them yesterday.
"The accused have confessed to their involvement in over one dozen bike thefts in the district," Mohangarh Thana Station House Officer Dilip Khadav said.