Police were called just after 1.10pm following a serious collision involving a silver Honda Civic and a silver Toyota Proace van.
The occupants of the Civic, two men in their 20s from Cowes, were sadly pronounced dead at the scene. Their families have been informed and are being supported by specialist officers.
The driver of the Toyota, a man in his 40s from Newport, was taken to St. Mary’s Hospital with minor injuries.
The road was closed, and diversions were put in place, while emergency services dealt with the incident – and will re-open shortly.
Senior Investigating Officer, Police Sergeant Jamie Barron, said: “This is a tragic incident in which two young men have sadly lost their lives. An investigation is already underway in order to establish the exact circumstances leading up to the incident and our enquiries remain ongoing at this time.
“We’d like to hear from anyone who was in the area at the time and who may have witnessed the collision or the moments leading up to it. Did you see what happened? Do you have dash cam footage showing the collision or the moments beforehand?
“Thank you to local residents for their patience and co-operation as we dealt with this incident – having closed a number of roads for several hours surrounding the scene in order to carry out our enquires.
“Any information you might have – no matter how small or insignificant you believe it to be – could really assist our investigation and help us to understand the final moments before this tragedy. We would urge anyone with information to please contact us on 101 quoting Operation Hostel or reference number 44220012949.
“Alternatively, you can submit information via the following link: https://orlo.uk/eDaZk”