The victims identified as Hari Sahukar, 58, and Budi Biswanath Patra, 40 were involved in farming and money lending business.
According to the police the incident took place in village Katulpeta in the Bandhugaon police station area.
Police added that the duo were dragged out of their houses at midnight by 30 armed Maoists before being killed.
Before fleeing into the nearby forest, posters and banners were put up on the village walls by the rebels in support of their activity.
While investigation into the incident in on, additional forces has been sent to the area and patrolling has been intensified.