The girls, who were thought to be in their early teens, went missing from fields near their home in Uttar Pradesh state where they had gone to relieve themselves, as there was no toilet in their home.
A police officer on the scene told the BBC that the two girls – who were cousins – were found hanging from a mango tree on Wednesday morning by villagers.
The men in their 20s face the death penalty for attacking the girls, known as Murti and Pushpa. Two other men are still wanted over the murders.
Authorities have also arrested two police officers and suspended two more for failing to investigate when the girls went missing on Tuesday night.
Villagers reacted with anger as they claim the local police did not act on Tuesday evening when the girls were first reported missing.
The girls came from the Dalit community who are also known as ‘untouchables’ – they are considered the lowest rung in India’s caste system.
Sexual violence and discrimination against women remains a huge problem for the country, with several high profile cases drawing the world’s attention to the magnitude of the issue.
In 2012, the abhorrent gang rape of a student on a Delhi bus caused protests across the country – forcing the government to tighten laws.
But last month the head of Uttar Pradesh state, where the girls were found, said they opposed the law calling for gang rapists to be executed.
‘Boys will be boys’ said party member Mulayam Singh Yadav. ‘They make mistakes.'