The deceased were identified as Milton, 28, and Ram, 40, residents of the same upazila.
The injured-Alamgir, 35 and Monirul Islam- were admitted to Jashore General Hospital.
Kabir Matabbar, Officer-in-Charge of Kotchandpur police station, said the main machine of the sawmill exploded after being overheated while the workers were working around 4pm.
The accident left Milton and Ram dead on the spot and the two critically injured, he said.
The duo was sent to Jashore General Hospital as their condition was stated to be critical, reports UNB.