The incident took place at Gokulpuri at around 8:15 am and the deceased have been identified as Pramod (21) and Zohar (45), who hailed from Bihar.
They were working on a drain near the fire station when the wall collapsed.
There were six labourers were working at the drain.
The wall allegedly became weak because of accummulation of water under its foundation. The labourers who were trapped under the debris were rescued, police said.
They were rushed to the Guru Teg Bahadur (GTB) Hospital where Pramod and Zohar were declared brought dead.
A case of causing death due to negligence has been registered.