The incident occurred in Pilkos village when the labourers were digging the well and the wire of the crane they were sitting in broke, causing them to fall into the well, Police Inspector Madhukar Gavit of Kalwan police station said.
The deceased were identified as Somnath Magare and Sanjay Gaikwad, he said.
The injured labourer, identified as Samadhan Gaikwad, was admitted to a Malegaon hospital, he said.