A senior police officer said the militants fired from a close range at head constable Manzoor Ahmad and constable Abdul Kabir, injuring them critically.
"The cops with fatal head injuries were taken to the nearby SMHS hospital where they succumbed to their injuries despite the best efforts of the attending doctors," the officer said.
The hit-and-run attack of Sunday afternoon triggered high panic and tension in the busy Qamarwari Chowk with shoppers, shopkeepers and pedestrians running for cover in panic.
Security forces launched a search operation in the area, but no arrests have been made so far. No group has yet claimed responsibility for the attack.