A car crash that killed two young students of Bangladesh on a major Sydney road could have been the result of a street race, police say.

A third man was taken to St George Hospital in a critical condition.

ABC News reported that the crash occurred on Wednesday around 3:40am (local time) on Canterbury Road in Belmore, in Sydney's south-west.

All of the victims were students and in their 20s, according to media reports. But their identities have not been revealed.

Police and emergency services rushed to the area with more than 10 rescuers working to free the three men, all Bangladeshi students, trapped inside the vehicle, reports the online version of the Daily Telegraph of Australia.

The report said that the car smashed into an electric pole. The Sydney Morning Herald reported that one man died on the spot. Paramedics treated two others before taking them to the St George Hospital, it said.