Police identified the deceased as Suresh, a 21-year-old BBA student and Arunkumar, a third year engineering student.
A Senthil, who was injured in the clash at Muthupatti late last night, has been admitted to the government hospital at Madurai, police said.
Initial investigation revealed that Suresh was in love with a girl, who had also been in love with Senthil of Idaikattur about a year ago.
Senthil and eight of his friends came to Muthupandi and questioned Suresh about his love affair. A clash ensued during which they stabbed Suresh and Arunkumar to death.
Police said they have launched a hunt to nab the culprits.