Police said that the incident happened around 1:15am when the motorcycle hit the four-wheeler head on while negotiating a turn at a junction near Veer Savarkar Road. The two were returning to their homes after a visit to Shivaji Park nearby, police said.
The two collegians, identified as Vedant Narvekar and Manish Thakur, were rushed to a nearby hospital where they succumbed to their wounds, police added.
The driver of the four-wheeler, used for transporting milk, was arrested and charged under relevant sections of the Indian Penal Code, police said, adding that further investigations were underway.