Police were alerted to the single-vehicle crash on Makarora-Lake Hawea Road (SH6) about 10.20pm yesterday.
Two people died at the scene and two others were transported to Dunstan Hospital with minor and moderate injuries.
A reporter at the scene this morning said a small blue car had left the road gone between two pine trees and crashed in another.
The impact of the car hitting the tree sent wooden debris across the crash scene.
The crash happened on a straight section of road near a group of houses on Weka St, which is close to where Makarora River reaches Lake Wanaka.
About 3.25pm today police said both lanes were open again but the speed limit had been reduced to 30kmh while police worked at the scene.
"This temporary speed limit is expected to be in place for the next couple of hours."
The Serious Crash Unit was on the scene this morning mapping out the scene with cones and police were working to understand the circumstances of the crash.
NZTA said delays were possible.
