Scott Wilson, 19, of Carey Gardens, Cleland, and Steven Scott, 19, of Bonaccord Crescent, Shotts, died at the scene on the B717 Benhar Road in Shotts, North Lanarkshire, at around 1.50am on Saturday.
Two other men aged 17 and 20 are still being treated at Wishaw General Hospital.
The 20-year-old suffered a punctured lung, and doctors describe his condition as serious but stable. The 17-year-old sustained a broken leg.
Police said a Renault Clio was travelling south on Benhar Road when the driver appeared to lose control and the car careered across the carriageway.
Inquiries are ongoing and police are appealing for witnesses.
Friends have paid tribute to the tragic teenagers online.
On a Facebook tribute page set up for Scott, one friend said: "Thinking of all the family at this sad time – so young it's such a shame."
Another read: "My thoughts and prayers are for Scott's family at this hard time."
One post simply said: "So sad, so young."
The fatal crash happened just days after two men died in a collision in Argyll.
Scott Prior, 20, of Dumbarton, and Mark McColl, 24, of Alexandria, died when the van they were in and a lorry collided head-on the A83, near Cairndow, Argyll, on Tuesday.
The 63-year-old driver suffered minor injuries and the lorry driver was unhurt.