Police responded to the scene at Snell and Rosenbaum avenues around 6:22 pm.
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They say it appears a "2014 black Jeep was racing a grey BMW northbound on Snell Avenue, north of Rosenbaum Avenue when the Jeep lost control and struck a tree located on the east side of Snell Avenue."
The two males inside the Jeep were pronounced dead at the scene. Their identities are not being released until their families are notified.
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"The BMW that was racing the Jeep prior to the collision stopped and three males exited, viewed the crash scene, and then reentered their vehicle and fled," police said in a press release.
This is the City's 32nd fatal collision and 32 and 33 victim of 2019.
Anyone with information regarding this investigation or can identify the BMW and its occupants are asked to contact Detective Eliseo Malvido of the San Jose Police Department's Traffic Investigations Unit at 408-277-4654.