Scott Wilson, 19, of Carey Gardens, Cleland, and Steven Scott, 19, of Bonaccord Crescent, Shotts, died at the scene of the incident 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.
Strathclyde Police said a Renault Clio was travelling south on Benhar Road when the driver appeared to lose control of the car, and it careered across the carriageway.
Inquiries are ongoing and police are appealing for witnesses.