Police said emergency services were called to the crash on King Edward St, Kensington, at 3.30am.
"A car caught fire after colliding with a truck," police said.
Police stated earlier that two passengers of the car died at the scene. This was incorrect.
The two people that died were the driver and a passenger of the car.
Due to the condition of the victims bodies, police said specialist staff were helping to identify them.
As such formal identification of the victims could take some time.
The surviving passenger of the car remains in a serious condition in Dunedin Hospital.
The truck driver was also taken to Dunedin Hospital with moderate injuries but has since been discharged.
The Serious Crash Unit was notified and the circumstances of the crash are being investigated.
Police said the car was southbound while the truck was headed north.
