Fayetteville police said the accident happened on Morganton Road and Skye Drive just after 3 p.m.
They said a 1998 Honda Civic, driven by 21-year-old Nickolas Hayden of Fayetteville, was speeding down Morganton Road when he lost control, went left of center and struck a 2011 Hyundai going east.
Hayden and his roommate 21-year-old Russell Zachary Snapp -- who was in the passenger seat -- died at the scene.
The driver of the Hyundai, 28-year-old Blaine Hull of Hope Mills and his passenger, 25-year-old Stevie Rivenbark of Fayetteville were taken to Cape Fear Valley Medical Center with serious injuries. Details about their conditions have not been released.
Authorities are investigating the accident.