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Their vehicle, a John Cooper Works Mini, went into the River Tawe in Swansea, South Wales, shortly after 3am, police said.
Emergency services raced to the crash scene and the bodies of the man and the woman, both aged 36, were recovered from close to the submerged car.
Detective Inspector Sharon Gill-Lewis said: "South Wales Police was called around 3.05am this morning, Christmas Day, following reports that a car had gone into the River Tawe at New Cut Road, Swansea.
"Emergency services attended and a car was found fully submerged in the river. The bodies of a woman and man were located in the river nearby.
"Their next of kin are being informed and inquiries are continuing to ascertain the full circumstances behind the incident.
"The incident is ongoing at the scene and no further detail is available at this time."
Officers are appealing for anyone who may have witnessed the car enter the river, or who has CCTV or dashcam footage of the incident, to get in touch.