Seven weapons and other materials have been seized by police.
The police forces of Narayanpur, Bastar and Dantewada were involved in the operation, which began at 11 am on Thursday.
The Maoists are yet to be identified.
A statement issued by the Narayanpur Police reads as quoted by several media, "A joint team of the District Reserve Guard (DRG) of Narayanpur, Bastar and Dantewada and Special Task Force (STF) was out on an anti-Naxal operation on Wednesday night after specific input of Maoists leaders of Platoon number 16 of CPI (Maoist) and members of Indrawati Area Committee.
"At around 11am on Thursday, an exchange of fire started. After the exchange of fire stopped, bodies of two Maoists were recovered by Narayanpur police."