Officials said both climbers fell ill while descending from high altitude after reaching the summit.
According to Nivesh Karki, director of Pioneer Adventures, the deceased climbers were identified as Sandeep Are and Arun Kumar Tiwari.
Are reportedly reached the summit on May 20, while Tiwari climbed Everest a day later on May 21.
Rescue teams are now working to recover their bodies from the mountain.
At least five climbers have died during the current Everest season, including the two Indian mountaineers and three Nepali climbers.
Earlier this month, a US climber and a Czech climber also died on Mount Makalu, another major Himalayan peak.
Veteran Nepali climber Kami Rita Sherpa, who recently scaled Everest for a record 32nd time, voiced concern over the growing congestion on the mountain.
“The expedition this time felt a bit crowded,” he told AFP after returning to Kathmandu.
He urged authorities to regulate the number of climbers and allow only experienced mountaineers to attempt the summit.
Photos shared by climbers showed long queues forming along fixed ropes in Everest’s dangerous high-altitude zones.
Tourism officials said a record 275 climbers summited Everest from Nepal’s side on Thursday alone, although final verification is still pending.
The Guinness World Records currently recognises 354 Everest summits in a single day, recorded in May 2019.
Climbers can normally attempt Everest through Nepal or Tibet. However, Chinese authorities closed the Tibet route this year, forcing more expeditions onto Nepal’s southern route.
As a result, pressure on Nepal’s climbing path increased significantly during the season.
Meanwhile, British mountaineer Kenton Cool successfully reached the summit for the 20th time on Friday.
The achievement extended his own record for the highest number of Everest ascents by a non-Nepali climber.
Nepal has issued a record 492 Everest permits to foreign climbers this season.
Experts warn that overcrowding, combined with harsh weather and limited climbing windows, continues to increase risks on the mountain.
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