Police identified the victims as Arturo Tolentino, 30, of Barangay Polagay, Cabanatuan City, Nueva Ecija, and Gerome Soledad, 17, of Barangay Macabukod, Aliaga, Nueva Ecija.
Their bullet-riddled bodies were found near each other in Sitio Dumayop, Barangay Baretbet in Bagabag town.
Police believe the two victims were killed elsewhere and their bodies merely dumped in Sitio Dumayop.
A man, who claimed to have survived the killing, told investigators that he and the victims were abducted in Nueva Ecija several days ago.
He said the kidnappers killed Tolentino and Soledad after their families failed to give in to their demands.