The victims were identified as Balu Javale (39) and Yashwant Javale (47).
According to the fire brigade officials, the duo entered into the borewell in the Fanaswadi area at noon.
However they could not climb out of the borewell which was 40 ft deep with 2.5 ft diameter. The fire brigade officials brought them out half an hour later.
Both were declared dead on arrival at the Nair Hospital. Cause of the death would become clear after the autopsy, police said.