The deceased were identified as Ashish Dnyanesh Mishra (16) of Khomane Vasti and Anurag Ramesh Sinh (15) from Old Jejuri. They hailed from Uttar Pradesh.
Ashish and Anurag, students of Class X, had visited the lake for a swim after school hours.
The incident came to light after Jejuri police officials received a call yesterday afternoon informing them about school bags, uniforms and shoes lying near the lake. A team of officials rushed the spot where the local swimmers fished out the bodies.
Initially, their parents thought the boys had gone to visit Ganesh pandals but eventually lodged a missing compliant after Ashish and Anurag failed to return home on Monday night.