Local media have named the chefs as Ivan Aranto Herrera Jorge, aged 34, and Carl Magnus Lindgren, aged 30.
The chefs, from the Michelin-starred restaurant in Bray, Berkshire, were travelling in the Chai Wan district at the eastern end of the island when a double decker bus collided with their taxi.
'Death by dangerous driving'
Hong Kong Police said the bus driver, aged 57, had been arrested on suspicion of causing death by dangerous driving. The driver was later released on bail.
A spokesperson for The Fat Duck said: “We can confirm two members of our team were tragically killed in a car accident. 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.”
TV chef Raymond Blanc commenting on Twitter said: "My heart and my thoughts are with the families of the two young chefs."