The incident took place today when the car the two persons were travelling in skidded off the road and fell into Chenab river, police said.
They are feared to have died due to drowning in the river in the Karool area of the district, a police official said.
A rescue operation was launched to find the bodies, but there has been no success so far, he said.
"An operation to fish out the bodies have been launched and so far we haven't had any success. The identity of the two inmates of the car is yet to be ascertained", he said.