The crime was committed in a bid to loot jewellery and cash they were carrying, they said.
The deceased have been identified as Khageshwar Rana (51), the owner of Tarini Jewellers and his staff Chaitanya Prasad Sahu (45).
Both Rana and Sahu were returning home yesterday night after closing the jewellery shop when the incident took place, police said.
The miscreants followed them and attacked them with sharp weapons before fleeing with the loot, they said.
The two were rushed to the Jajpur District Headquarters Hospital where doctors declared them brought dead.
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