It happened around 1:30 p.m. in the 200 block of Bassett Drive in Colorado Springs.
Police say the two walked into on a burglary in progress when the suspect shot and killed the residents.
As a precaution, two area schools were put on lockdown while police searched for the suspect.
Police say they are questioning a person of interest.
The names of the victims have not been released.
(KUSA-TV © 2013 Multimedia Holdings Corporation)