The deceased have been identified as Sanjay Kotkar and Vasant Anand Thube.
The incident took place at 5:15 pm yesterday.
"Sanjay Kotkar and Vasant Anand Thube were killed when they were shot from point blank range by two men on a motorcycle after the result of a civic bypoll in the Ahmednagar area was announced," a police official said.
The result of the bypoll was announced on Saturday by state election commission officials.
The Congress' Vishal Kotkar defeated the Sena's Vijay Pathare by a thin margin of 454 votes. (ANI)