The Fire Service was able to tame the flames around 2:39pm
Police have identified the dead as 38-year-old Md Alam and 35-year-old Abul Kalam.
They were inside a covered van that was running at a high speed in Bhuiyabari neighbourhood of Kapasia Upazila around 5pm Saturday, said Moniruzzaman Khan, a sub-inspector of Kapasia police.
"It rolled over and fell in a paddy field. Locals found a cow inside the van.
"After questioning the passengers and the driver, the mob suspected that they were fleeing with a stolen cow," SI Khan said quoting locals.
The injured driver, 'Moksed', 38, was admitted to the Gazipur Shaheed Tajuddin Ahmad Medical College Hospital, he said.