Benjamin Brearcliffe, 20, and Michael Hudson, 19, died when their vehicle hit a lamppost in Ovenden Road, Halifax, at about 10pm last Friday.
Mr Brearcliffe was driving the Volkswagen Golf GTI, while Mr Hudson was a front seat passenger.
A 19-year-old Queensbury man, who was in the back of the car, has been treated in hospital for a foot injury.
Police have arrested and bailed a 30-year-old Halifax man in connection with the incident as they investigate the way in which the Golf and a red Vauxhall Astra VXR were being driven in Halifax town centre shortly before the tragedy.
Anyone with information about the incident should contact police on (01924) 293047.