The incident took place at Hatmulla in Sangam area, around 40 km from here, this afternoon, when a road opening party of CRPF was on routine duty.
The motorcycle-borne militants fired at the party killing Sub-Inspector Omkar Singh and Constable Tilak Raj on the spot, police said.
The militants escaped with their arms and ammunition which included an AK-47 rile and an INSAS rifle. However, the INSAS rifle was thrown near Sangam bridge while AK-47 and ammunition was taken away by the militants, police said.
Former Jammu and Kashmir Chief Minister and Working President of main Opposition National Conference Omar Abdullah also expressed condolences to the families of those killed.
"My sincere condolences to the families and colleagues of the ASI and constable of the CRPF killed in South Kashmir this afternoon," Omar tweeted.