The victims, captains Joao Igor Silva Pivovar and Fabrico Carvalho, were flying a Smoke Squadron plane when it crashed near the Pirassununga air force academy during a training manoeuvre, Xinhua reported citing local authorities.
The two captains tried to eject from the plane, an A-29 Super Tucano model, but could not escape successfully.
The Smoke Squadron is a famous air force demonstration squadron which performs air shows all over Brazil and abroad.
The A-29 Super Tucano was manufactured by Brazilian aircraft maker Embraer and is also used in border patrol in Brazil.
The Smoke Squadron was founded in 1952 and rarely registers any lethal accidents. The air force is probing the cause of the accident.