Andile Hlela and Zamani Simamane died in a hail of bullets near the Verulam police station yesterday. The identity of the third victim was not confirmed.
Security company Reaction Unit South Africa said people reported that a volley of shots was being fired at a VW Golf.
Spokesperson Prem Balram said Hlela was shot multiple times and died in the vehicle. Simamane died in hospital.
Witnesses said the occupants of a car that pulled up next to the Golf opened fire using high-calibre rifles.