The Anti-Terrorism Court has set January 14 as the date for their execution.
The law officer told the court that Faiz Ahmad had killed Lance Naik Tariq Mehmood in 2000 at Nankana Sahib and Muhammad Sharif was involved in several terror related incidents at Nankana Sahib.
The court issued death warrants of both the terrorists and fixed January 14 for execution of Ahmad and Sharif after the morning prayers.
Earlier, the applications of five death row prisoners against their sentences were rejected by the Lahore High Court.
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These five are languishing at Kot Lakhpat Jail.
They were handed down sentence by a military court for attacking a military camp in Jehlum and ISI office in Multan.
Pakistan last week ended its moratorium on the death penalty in terror-related cases.
The decision to lift the ban was made following the carnage at the Army Public School in Peshawar. Taliban militants stormed the army-run school last week, fired indiscriminately and killed 150 people, most of them children