The video, released on Thursday, shows the two victims and an apparent IS militant speaking in Turkish during the 19-minute recording, whose authenticity could not be confirmed, reports Efe.
After a propaganda montage criticising Turkey's participation in the US-led 'Crusader coalition', the militant threatens vengeance against Turkish President Recep Tayyip Erdogan.
Turkish troops recently joined non-IS Islamist factions in northern Syria in an offensive against the IS stronghold of al-Bab.
The tirade against Erdogan is followed by footage of the two Turkish soldiers speaking from inside a cage in the middle of empty desert.
They confess to having fought against "the soldiers of the caliphate" -- as IS calls the territory it controls -- and say that they were captured in action near Aleppo.
The video then proceeds to show the Turks, wearing uniforms that seem to have been doused with gasoline, being burned alive.