The deceased were identified as Abdullah Al Kafi, 31, son Mustafizur Rahman of Amdalia village of Fulbaria Upazila, and Alamgir Hossain Gutu, 27, son of Ibrahim of Old Gudaraghat area on Kalibari road of Sadar Upazila.
In Muktagachha upazila, acting on information that some drug traders gathered there, a team of police conducted a drive in the area, said Shah Md Kamal Akand, officer-in-charge of Detective Branch of Police.
Sensing presence of the police, the drug traders opened fire on them, prompting them to fire back which triggered the gunfight, leaving Kafi injured with bullets.
He was taken to Mymensingh Medical College Hospital where doctors declared him dead.
Police recovered one LG, two cartridges from the spot.
In Sadar upazila, suspected drug trader Alamgir was killed in a gunfight with police near Saheb Kachari Bazar around 1:30 am.
Police recovered 2 kgs of hemp and 2 bullet shells from the spot.