The deceased were identified as Abdul Karim, 18, a 12th-grade student of Shaheed Ramizuddin Cantonment College and Dia Akhter Mim, 17, a student of XI of the same college.
According to the source, a bus of Jabale Noor Paribahan knocked down them at around 1:00 pm, leaving the duo dead on the spot and 12 people injured.
Six of the injured are being treated at nearby Kurmitola General Hospital and the remaining six are being treated in Combined Military Hospital (CMH).
Immediately after the accident, classmates of the deceased, locals and pedestrians blocked the VIP road and started vandalizing vehicles.
DMP Cantonment Police Station OC Kazi Sahan Haque confirmed the information.