The victims identified as Ganesh and Rama were having an affair since last two years.
The incident occurred this morning at Kogilvaiyi village in Athmakur Mandal after Rama's parents began making arrangements to get her engaged to another person against her will, said Circle Inspector, Ravi Kumar.
Before taking the extreme step, the duo phoned parents and informed them about their decision to end their lives.
But before they could rush to the spot, both of them consumed pesticide and jumped into a well in the agricultural field, the inspector said.
Further probe is underway.