Emergency services were called to the scene in Dalgety Bay at around 8.20am on Saturday after the brothers were found
Emergency services were called to the scene in Dalgety Bay at around 8.20am on Saturday after the brothers were found.
The boys, who have been named locally as Rhys and Shaun, were rushed to Victoria Hospital in Kirkcaldy but later died, Police Scotland said.
Local MSP Alex Rowley described the incident as "every parent's worst nightmare".
Officers are supporting the parents, named locally as Mervyn Scott and Sarah Aitken, as police try to find out exactly what happened.
It is understood the pond is in the back garden of the house.
Dalgety Bay councillor Dave Dempsey said the community was shocked.
He said: "It is enormously sad and my heart goes out to the family. I cannot begin to imagine what the family are going through - it is everyone's worst nightmare. The whole community is shocked.
"As local councillors, we were all notified that two young children had fallen into a pond and died. To think it is twin boys is heartbreaking."
"The loss of two young lives from the same family is just heartbreaking. My thoughts and prayers, and those of the whole community, are with the family."
Police and ambulance crews were called to the scene to help the boys.
"Two male twins, aged two had reportedly drowned in a fish pond and officers attended with the Scottish Ambulance Service.
The children were taken to the Victoria Hospital in Kirkcaldy where they sadly died."