The incident happened around midday on Saturday afternoon on the A34 near Newbury, close to the Oxfordshire border.
Emergency services, including an air ambulance, attended the scene and police closed the road in both directions.
Police had previously confirmed that a man in his 20s had been taken to hospital with a serious leg injury.
READ MORE: Man hospitalized with serious injuries in major crash involving A34 military vehicle
Hampshire Police have now confirmed that a second man, also in his 20s, was seriously injured and taken to hospital.
Although serious, law enforcement confirmed that the injuries sustained by the two men were not life-threatening.
A Hampshire Police spokesman said: “Two men have suffered serious but non-life-threatening injuries following the collision on the A34 earlier today.
“A man in his twenties suffered a serious leg injury and was taken to hospital.
“Another man in his twenties suffered a serious arm injury and was taken to hospital.
READ MORE: Man hospitalized with serious injuries in major crash involving A34 military vehicle
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“Both northbound and southbound lanes remain closed while emergency services deal with the incident.
“Please monitor our social media page for any updates on the road reopening.”
The armed forces also confirmed that their vehicles were involved in the serious accident.
A Ministry of Defence spokesman said: “We are aware of a road collision involving two military vehicles.
“The incident is currently under investigation and it would be inappropriate to make further comment.”
READ MORE: Cars are driving on the WRONG SIDE of the A34 after a serious crash caused two hours of delays
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