Reports say the incident occurred on the road between the towns of Bolivar and Santa Rosa, in the south of Cauca.
The policemen have been identified as Felipe Rios and Jefersson Salazar Higuita, who both hail from the city of Manizales.
Authorities said that after the policemen were killed they were stripped of their money and weapons.
The bodies were evacuated during a military operation set up in the area to find the whereabouts of the alleged killers.