It happened around 9:30 p.m. on Yadkin Road at Cimarron Drive.
Police said a 2004 Pontiac GTO was driving down Yadkin Road when the driver lost control, went into oncoming traffic and struck a 2012 Volkswagen Jetta head-on.
When officers arrived, they said they learned a passenger riding in the 2004 Pontiac GTO died at the scene.
The driver of the Pontiac was taken to Cape Fear Valley Medical Center where he later died from his injuries.
Fayetteville Police Lt. Chris Davis told ABC11 that the pair were soldiers and may have been racing with another car.
They were later identified as 25-year-old Michael Hickey and 26-year-old Amber Bostian.
The driver and passenger in the Volkswagen, 26-year-old Markita Parks and 24-year-old Rashaad Mitchell, were also taken to Cape Fear Valley Medical Center with injuries. Their conditions are unknown at this time.
At this point, no one has been charged in connection with the crash. Police are searching for a third driver who may have been racing the soldiers.
An investigation into the crash is ongoing at this time. Anyone with information about the accident is asked to call (910) 433-1036 or CrimeStoppers at (910) 483-TIPS (8477).
Fayetteville police announced a plan Friday to combat problematic interesections in the city with beefed up patrol. Yadkin Road will be a part of the focus that begins next week.