The accident happened just after midnight on Adamston Road and Whitehorn Court in Brick.
William Romanow, 24, and 23-year-old passenger Nicholas Lascala were pronounced dead at the scene.
Police are investigating the cause of the crash. They say Romanow crossed the center lane and hit 23-year-old Kyle Conroy on a bicycle.
Police say the Honda Civic then struck a curb, overturned and smashed into the tree. The front end of the vehicle separated from the passenger compartment.
Conroy was treated and released from a hospital.
The investigation continues, but police say speed appears to be a factor in the crash.
