ACU Events said in a statement that locally-based Australian Dwight Beare, 27, was killed in Saturday's sidecar race while his passenger Benjamin Binns was in a stable condition with a fractured ankle.
English solo rider Paul Shoesmith, 50, died in evening practice in an accident on the Sulby Straight, with the session then abandoned.
Saturday's action also saw Northern Irish rider Michael Dunlop record the first sub-17 minute lap on his way to winning the RST Superbike race.
The TT races around the island off the north-west coast of England between Britain and Ireland have been run since 1907 and rank among the most dangerous in motorsport.
Including the Manx Grand Prix races, held later in the year, there have been 250 rider fatalities to date on the Snaefell course.
(Reporting by Alan Baldwin, editing by Toby Davis)
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