Jeffrey A Marks, general manager of WDBJ-TV, identified the two killed as Alison Parker and Adam Ward.
The station says in tweets and in a story on its website that the incident happened at a shopping centre. The station says law enforcement officials are on the scene.
The station is based in Roanoke, Virginia, and serves the southwest and central part of the state. The shopping mall is just off Smith Mountain Lake.
Moneta is southeast of Roanoke.