Emergency crews were called to Hurontario Street, just south of Matheson Boulevard at around 5:20 a.m.
Peel paramedics said two people, one male and one female, died.
Police said Hurontario Street is closed in both directions from Barondale Drive to Matheson Boulevard. Meanwhile, eastbound and westbound Matheson Boulevard is open, police said.
The major collision bureau will be attending the scene, investigators said.