The deceased were identified as Limon Molla, 11, son of Ratan Molla of Pabna district and Manik Sardar, 9, son of Ziaul Sardar of Jamalpur district.
Saifulla Akanda, sub-inspector of Ashulia Police Station, said they went missing on Tuesday after they had left home for going to madrasha.
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Local people spotted the floating bodies of the two boys and called the national emergency number 999.
On information, police recovered the bodies and sent those to Suhrawardy Hospital morgue, reports UNB.
Police suspected that they might have drowned in the pond, said SI Saifulla.