A police officer said the bomb exploded in a plastic godown under Kaliachak police station limits when the persons were making bombs.
While the dead have been identified as Niloo Sheikh and Faizul Sheikh, the injured have been identified as Nabi Sheikh and Injajul Alam, he said.
The injured were admitted to Malda Medical College and Hospital.
One of the injured is a relative of Nafozul Alam, a zonal president of Trinamool Congress, the police said.