The accident happened at a skydiving facility in Arizona when the daredevils were about 200-300 feet above the ground, Police Sergeant Brian Jerome of the town of Eloy told the Arizona Republic newspaper.
One of the divers died on the scene and another was pronounced dead at a hospital.
Jerome said both were believed to be non-Americans.
Andrew Baker, another diver in the air at the time, said the accident happened while some 200 people were staging a simultaneous jump and trying to hook up in mid-air.
The people killed were experienced skydivers, the newspaper said, quoting acquaintances of theirs.
Eloy is about 65 miles southeast of Phoenix.
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Really sad to hear this.....But honestly Skydiving is one of the safest yet thrilling experience ever.....I've done it 3 times so far....
There is more chance of you dying of a car crash and dying of a skydiving