Police confirmed in a statement yesterday the pair, who were initially reported as being in critical condition, had died following the crash on the Winton-Lorneville Highway (State Highway 6), about 4pm.
A teenager remained in critical condition in Dunedin Hospital, while three other people sustained non-life-threatening injuries in the crash.
The road remained closed yesterday while emergency services spent the day investigating the scene, located about 150m north of the Makarewa Bridge.
About 3pm yesterday, a car was seen being lifted by a Hiab truck on to another towing vehicle while police assisted in the removal.
A resident, who could see the site of the crash from her property, said her farm animals remained silent as sirens echoed throughout the rural area.
"The dogs usually whine but they all just stood there.
"I saw them [emergency service vehicle] lights and I could just see big trucks and heaps of cars lined up."
She watched on from her paddock as the rescue helicopter landed on the road.
Three ambulances, two helicopters and a manager attended the accident scene, along with Fire and Emergency New Zealand and police staff.