Mr Asad Khan (46) was driving the vehicle. He was married with four children and was a New Zealand resident, living in Christchurch for 12 years.
His passenger Mr Muhammad Ajmal Chaudhry (40) was married with three children and had been in Christchurch for about two years.
Both men were originally from Lahore, Pakistan.
The commercial truck, branded with ‘AGA oriental carpets' and carrying a load of carpets, lost control on a 25kmh bend near the summit of the mountain road between Wanaka and Queenstown shortly before 3pm.
Senior Constable Chris Blackford, of Queenstown Police, said: "The vehicle collided with an Armco railing and then hit a rock wall."
Both Mr Khan and Mr Chaudhry died at the scene.
The weather conditions on the range were described as challenging, with hail and snow showers. The truck was travelling downhill.
The Serious Crash Unit and the Commercial Vehicle Investigation Unit are investigation.
Senior Constable Blackford said the truck was registered and had a warrant of fitness. One tyre had come off its rim but all the tyres had good tread.
"We won't know the reason it crashed until the investigations are complete", he said.
Both men's families have been notified. The deaths have been reported to the coroner.
