The avalanche took place between Lake Toggia and the San Giacomo pass, at an altitude of about 2200 metres, not far from the Swiss border.
Rescuers pulled the body of one of the victims out of the snow. The other deceased person was recovered from the lake.
The deceased were named as Vanessa Gatti, a 30-year-old from Saronno, in the province of Varese, and Roberto Biancon, 53, from Legnano, near Milan.
ANSA