The men are believed to have been the only occupants of the car that was involved in the crash.
A spokesperson from South Yorkshrie Police said: “At 7.10pm last night (30 January) police received reports that a vehicle had entered the river off Meadowhall Way in Sheffield.
“Two men aged 20 and 24 were taken to Northern General Hospital, where they were sadly pronounced dead.
"Family members have been informed and are being supported by specially trained police officers.”
Meadowhall Way is currently closed to traffic and pedestrians.
South Yorkshire Police Operation Support Team added: “Meadowhall Way towards the junction with Meadowhall Road is closed due to a police incident.
“You will not be able to drive or walk that route. It is expected to be closed until 2pm."
Police added that witness claims of a pursuit involving the car containing the two men are false.
A force spokesperson said: "South Yorkshire Police would like to clear up any confusion regarding this incident and comments being made.
"The vehicle involved in this incident was not being pursued or followed by the police.
"It was a very distressing incident for all involved.
"All emergency services were at the scene within minutes and entered the water to help.
"South Yorkshire Police will be releasing further details later."
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