The victims were identified as Gola Swain (60) and his son Rajendra (40), the police said.
Gola's wife Hema, was seriously injured when the miscreants attacked them by sharp weapons near the village pond.
She was admitted at MKCG Medical College and Hospital here where her condition was stated to be serious.
The police recovered the bodies in a pool of blood near the pond.
The police arrested one person from the spot and seized three weapons used in the attack.
Prolonged rivalry between two neighbours over land dispute was suspected to be the motive behind the attack, Aska sub divisional police officer Sarah Sharma said.