The crash, which happened just before 11:30 a.m. Saturday, prompted the closure of both directions of Highway 1 near Jenner for almost six hours.
Officials say both victims died when their Ferrari left the two-lane road.
"Very preliminary, for unknown reasons the vehicle was headed southbound on Highway 1, lost control, veered off the roadway, hit a tree and the vehicle did burst in flames," CHP Sgt. Bob Barr said.
The explosion caused some brush and trees to catch fire. Firefighters doused the flames quickly and kept them from spreading.