The victims, a 23-year-old man and 19-year-old woman, were pronounced dead at the scene in Toddington Road near Tebworth.
Five people were thought to be in the black Vauxhall Corsa. at the time of the collision at 3.20pm on Tuesday.
All three men have subsequently been detained on suspicion of causing death by dangerous driving, causing serious injury by dangerous driving and failing to stop at the scene of a collision in connection to the incident.
Sgt David Burstow, from Bedfordshire Police said: “Our thoughts are with the families and friends of the two people who sadly lost their lives at such a young age. They are being supported by specially trained officers.
“I would urge anyone to contact us as soon as possible if you witnessed the collision or were driving along Toddington Road at around 3.20pm, especially if you have dash cam fitted to your vehicle.
“We are working tirelessly to establish the exact circumstances and appeal to the public for their help and assistance.”