Police say Palwinder Singh and Balwinder Singh, both from Khara village, were lured to a house in Pakhoopur on a pretext of a meeting, where they were beaten and then shot.
The pair had left their homes earlier that day to attend the Jod Mela at Baba Budha Sahib, according to family members.
DSP Harinder Singh confirmed that police teams are working to identify and arrest the accused as quickly as possible.
The killings come amid a spate of violence in Tarn Taran, including the murder of an AAP‑affiliated village head and attacks on Sarpanch Ashwani Devgan.
Families of the victims have demanded strict action, while opposition parties have condemned the state's worsening law‑and‑order situation.
Police are expected to announce arrests within the next 48 hours, according to sources close to the investigation.