The mishap occurred last evening near Shahgarh when the victims were returning to Mabai village in neighbouring Chhattarpur district after selling food grains in Shahgarh Krishi Mandi, they said.
The deceased were identified as - Surendra Kumar Jain (25) and Veerchand Jain (50).
The seriously injured persons have been admitted to the district hospital for treatment, police said.
A case has been registered against the truck driver, who fled from the spot after the accident along with his helper, police added.