The deceased were identified as Rohit Pandey (8) and Sameer Malbaari (12), police said adding that the duo was accompanied by some other children, who were playing near the stone quarry.
"When the two boys started drowning, other children raised an alarm. Some local residents, who rushed to the site, brought the boys out of water, but they were declared dead on arrival at Chicalim Cottage hospital," police said.
The Fire and Emergency Services personnel were roped in for the search operation, as local residents suspect that few more boys might have drowned in the quarry, police said.