The San Mateo County Coroner's Office has identified the victims as Gaudi Salgado Barrios, 26, of East Palo Alto, and Taufa Toutai Pupunu, 27, of Redwood City.
The crash was reported at 1:42 a.m. on southbound U.S. 101 near the Willow Road off-ramp, the CHP said.
The preliminary investigation indicates that the car, a Toyota sedan, was traveling at a high rate of speed and failed to negotiate the off-ramp's right turn, Officer Art Montiel said.
The car struck a tree, which launched it into the air and into another tree, the CHP said.
Ms. Salgado Barrios, the driver, and Mr. Pupunu were pronounced dead at the scene.
The Willow Road off-ramp was closed until about 3:30 a.m. while the CHP investigated the crash.
The preliminary investigation indicates that alcohol may have been a factor in the crash, according to the CHP.
Investigators continue to probe the circumstances surrounding the crash. Witnesses are asked to call Officer Vincent Pompliano at (650) 369-6261.