The elephants are believed to have fallen into the pit last night while attempting to drink water. The two were part of a herd of wild elephants, police said.
The pit had been dug at least 30 years ago to capture wild elephants and are not in use now, forest officials said.
There are at least two other similar pits in the area which have not been covered.
Workers who had gone to cut cane in the forest had noticed the two elephants and informed forest officials.
