The incident reportedly occurred around 4:51 p.m. at Skydive Arizona, with witnesses telling police the collision happened about 200 to 300 feet in the air before both divers' canopies collapsed and they fell to the ground.
One died at the scene, while the second died after being transported to the hospital, AZ Central reports. A third person was injured but the injuries were not believed to be serious, according to AP.
The area is a well-known skydiving destination. Over the weekend, a group of women from around the world shattered the female vertical formation skydiving record when they linked hands from a jump at 18,000 feet above Eloy.
The victims' names were being withheld pending notification of next of kin, according to ABC 15.