The two-car collision happened in the townsland of Ballykisteen, close to Limerick Junction on the N24 main Tipperary to Limerick road at around 7.15am, with nobody else being injured.
It is understood the vehicles were travelling in opposite directions on a straight stretch of road in the vicinity of Limerick Junction racecourse, when this collision occurred, killing both drivers at the scene. Their bodies have been removed to South Tipperary Hospital in Clonmel.
Emergency services are still at the scene of the crash and the road remains sealed off and will continue to remain so, with diversions in place for several hours, to allow for a technical examination by Gardaí to take place.
Gardai are appealing for witnesses or anyone who may have been on the road between 6.40am and 7.20am on the 16th October to contact them in Tipperary Town on Tel: 062 80670, or the Garda Confidential Line on Tel: 1800 666 111 or any Garda station.