The victims were on their way to Burhanpur from Ratlam on a religious trip when the mishap took place, Additional SP, Gopal Khandel said.
One of the women died on the spot while the other succumbed to her injuries in the hospital, police said.
The deceased women were identified as Shririn Tandawala (35) and Rasheeda Kinoriwala, Khandel said.
Among the 10 injured, eight are women and two children. All were rushed to a hospital for treatment.