Two people were ejected from a red Nissan 300ZX Twin Turbo that lost control and smashed through a guardrail on the Don Valley Parkway. (CBC)

Two men died after one of two cars speeding along the northbound Don Valley Parkway in Toronto lost control Monday evening, police said.

The red Nissan 300ZX Twin Turbo spun out of control, smashed through a guardrail and came to a stop on the side of the road, its roof peeled away.

Two men riding in the vehicle, one 20 years old and the other 21, were thrown from the car and died.

No names have been released.

The driver, the 21-year-old, died immediately. His passenger was found at the side of the road with critical injuries, and died a short time later.

Toronto police Sgt. Tim Burrows said police believe another car was involved.

"Witnesses have assisted us a great deal so far in our investigation [and] have led us to a point where we believe that [there] may have been ... street racing having taken place prior to the collision," he said.

Burrows said police are looking for a white car they believe was racing the other vehicle.

A 21-year-old woman survived the crash. She was also in the front passenger seat of the Nissan and was thrown from the car, but is expected to recover.

The accident happened in the northbound lanes of the DVP, near Eglinton Avenue, just after 8:30 p.m. ET, closing the highway for many hours.