Police say the 22-year-old driver lost control of the 2014 Chevy Camaro while heading westbound on Queens Boulevard at Van Loon Street just before 7:30 a.m.
The Camaro crashed through a phone booth, a lamp post and into two parked vehicles.
The vehicle then jumped the curb and struck the pedestrians.
Authorities identified the victims as 59-year-old Manchip Cheng, whoe was pronounced dead at the scene, and 41-year-old Lin, who died at Elmhurst Hospital.
The driver of the vehicle was taken to Elmhurst Hospital and is in police custody.
He is from Queens and reportedly has open warrants.