Police said they were the driver and front seat passenger in a red Honda Civic. They were pronounced dead at the scene.
A 47-year-old woman who was driving a black Kia Picanto suffered serious leg injuries and was taken to Leicester Royal Infirmary for treatment.
Flowers and tributes to the men were placed at the scene of the crash, close to Hinckley Rugby Club, at the weekend.
Club chairman John Tilley said: "It's such an awful thing to happen and a tragic loss of two young lives."
Detective Constable Adrian Keeble said: "The Honda was travelling towards Hinckley and the Kia in the opposite direction.
"I would like to speak to anyone who was in the area and saw either of the vehicles in the lead-up to the collision."