The elderly victims were found on a road in Blekinge, southern Sweden, and were immediately taken to hospital.
"When they were found, they were 14 metres away from each other. We believe this distance, together with their injuries, indicate that they were hit by a strong force," said Malin Permborn of the local police to the Expressen newspaper.
"Both the man and woman have fractures in both legs, and the man has fractures in one arm, a crack in the head and fractures in his back," she added.
Police later took two men in their mid-twenties in for questioning after seizing a stolen car which appeared to have been damaged in an accident. The two men confessed to the crime on Wednesday morning, and have been temporarily released.
The victims of the hit and run are both conscious, but don't remember anything from the incident.
"They only remember that they were out together and nothing more. But they may well remember something," Permborn told the paper.
The incident occurred in the very early hours of Tuesday morning in Olofström, west of Blekinge.
The two drivers are suspected of causing aggravated bodily harm and police are urging anyone with relevant information to make contact.