Jorge Herrera, 34, and 30-year-old Carl Lindgren, known to his colleagues by his middle name of Magnus, were thought to have been killed when a taxi they were travelling in was hit by two buses in the Chai Wan district of the city.
The massive crash also killed the pair's taxi driver, while more than 50 other people were also injured in the accident.
"We can confirm that two members of our team were tragically killed in a car accident in Hong Kong on 19 November," a spokesperson for the Bray restaurant told BigHospitality.
"They were both senior members and great and dear friends. Two uniquely talented young chefs that were loved by everyone who worked with them. They will be sadly and deeply missed."
The chefs were visiting Hong Kong to cook a series of special, private meals at the Mandarin Oriental hotel in the city with other members of The Fat Duck team including head chef Jonny Lake and Blumenthal himself.
While local news sources have claimed a man has been arrested and an investigation is likely to begin, The Fat Duck Group has said it will not comment further at this stage in order to respect the families of those killed.
The restaurant industry has begun to pay tribute to the pair with The Elephant chef Simon Hulstone leading the eulogies on Twitter:
"Terrible terrible news from Hong Kong. Thoughts with the family and staff at The Fat Duck," he wrote, a sentiment seconded by Simon Rogan from L'Enclume.
Adam Stokes, head chef at the one Michelin-star restaurant at Glenapp Castle wrote: "Shocking news about the Fat Duck chefs in Hong Kong. Kitchens are like families. Our thoughts go out to theirs."
Legendary US chef Thomas Keller also expressed his condolences: "My heartfelt wishes go out to the friends & family of The Fat Duck’s chefs Herrera and Lindgren."
Raymond Blanc voiced his thoughts on the social networking site: "My heart and my thoughts are with the families of the two young chefs from the Fat Duck and with Heston and the whole team at this tragic time."
Meanwhile the team at Raymond Blanc's two Michelin-starred restaurant Le Manoir aux Quat'Saisons also took to Twitter to say: "Our thoughts and prayers go out to the families of the two Fat Duck chefs tragically killed in Hong Kong car accident. Such sad news."
Phil Thomas, Head Chef at Rosewarne Manor, added: "Sad news about the Fat Duck chefs, thoughts go out to everyone, always sad to lose anyone from the trade no matter what level #onebigfamily."