The victims, aged 17 and 28, were taken to a hospital but later died. Witnesses reported hearing some 20 gunshots out in the street, Johan Ljungberg of Gothenburg police told TT.
Police are calling the shooting a murder, or possibly manslaughter, and said their investigation was ongoing.
Earlier in the week, on Tuesday night, police received reports gunshots along the same street but only found shell casings when they arrived. It is unclear whether there is any connection between the Tuesday night reports and Thursday's fatal shooting.