The police had opened a bridge to try to cut off the escaping thieves, but they drove through the barriers, ending in the freezing water.
Swedish Radio news reports that the two suspects filled their car with petrol at a petrol station in Uppsala, without paying, and then drove off at high speed not long after midnight. Local police then took up the 30 kilometre chase, which ended with the two young people in the car losing their lives.
The two victims have been identified, although not yet publically, and their families are being informed.
Prosectors have now launched an investigation into whether the police acted unlawfully, with criticism growing over their decision to raise the bridge that caused the speeding car to veer off the road.