Cops and emergency services rushed to the scene on Royston Road, South Yorkshire, after reports that a car ploughed into cyclists.
Police confirmed that a 37-year-old man was arrested for dangerous driving.
The driver of a red Volkswagen Golf failed to stop at the scene.
The car was later found abandoned in Bleak Avenue in Shafton.
Police are also working tracing another man in connection with the incident.
South Yorkshire Police are appealing for anyone with any information to come forward as soon as possible.
A police spokesperson said: “Officers in our Roads Policing Group are appealing for information following a collision in Barnsley yesterday (Friday 20 January) that resulted in the death of two men.
“Emergency services were called to Royston Road, Cudworth at 9:07pm, to reports of a collision between a car and two cyclists.
“Upon arrival, both cyclists were pronounced dead at the scene. Officers are working to formally identify them. The car involved, believed to be a red Volkswagen Golf, failed to stop at the scene, and was later found abandoned in Bleak Avenue, Shafton.
“A 37-year-old man has been arrested on suspicion of causing death by dangerous driving.
“We are appealing for anyone who witnessed the incident or who was driving in the area at the time and may have seen the Volkswagen Golf or cyclists to get in touch.
“We are particularly keen to hear from those with dash-cam footage.”