Another student was rescued.
The incident took place at the Sabji Mandi ghat of the kund, police added.
"Four students from Hathras were bathing in Kangan Kund after performing Govardhan parikrama at the time of the incident," police said.
While one of them was rescued, two drowned before they could be saved.
Their fourth friend came out on his own.
The deceased have been identified as Krishna Chand Goswami (17) and Lakhan, both residents of Hathras, police said, adding that their bodies had been sent for autopsy.
Harsh, a member of the group, said after passing Class IX, they had come here to undertake the Govardhan parikrama. PTI CORR RDK