The two men, Anil Kumar and Raghav Uday, jumped into the water from a low-flying helicopter for the climax scene of their new action movie.
But the men failed to resurface and have been presumed dead.
Another actor, Duniya Vijay, who also jumped in made it out of the water alive.
The crew were shooting above the Thippagondanahalli Reservoir, 35km west of Bangalore, yesterday afternoon local time.
(Anil Kumar and Raghav Uday failed to resurface after jumping from the helicopter)
According to reports, a safety boat failed to pull them out of the water in time.
A criminal investigation is now underway as police have reportedly brought a case against the makers of the movie.
(Raghav Uday is feared dead after failing to resurface from the water)
(Duniya Vijay, the lead star of Masthigudi, came out safe after the plunge)
The Superintendent of Police of Ramanagara, southern India, where the incident took place, has filed a case according to India Today .
They were filming a new Kannada movie called Masthigudi, supposedly based on the life of actor Duniya Vijay.
The Kannada film industry is based in Bangalore and is one of the most popular cinemas in India, with actors speaking the Kannada language as opposed to Hindi, the language spoken in Bollywood films.
Actors killed in horror accident leaping from helicopter as movie stunt goes tragically wrong (Photos)