The pair, who were both members of the Indian community, died when the car they were travelling in collided with a Larne Express bus on the main Belfast to Larne road shortly before 5.30pm. It is understood the men were making their way home from work at the FG Wilson plant in Larne.
Mr Babu, 36, lived in Prince's Crescent and Mr Varghese, 44, lived at Abbots Gardens. It is believed both were married and one had two young children.
The front driver's side of the bus was smashed in the collision with a silver car believed to be the vehicle in which the deceased men were travelling. The road remained closed for several hours on Tuesday night.
The driver of a second car involved in the crash, the bus driver and four passengers on the bus were taken Antrim Area Hospital with injuries that are not believed to be life threatening at this stage.
A 29-year-old bus passenger, who was on the upper deck, described the moment of impact. "When he started to brake he braked really hard, then there was a jolt and the bang of the impact. The passengers downstairs were injured with glass. Everybody was just really shocked," she said.
Ballyclare councillor Paul Girvan, who lives close to where the tragedy happened described the scene as "carnage".
"It was just a scene of total carnage," he told the Times. "It happened about three or four hundred yards away from the Civic Amenity Centre at Bruslee and the police were there to cordon off the scene. The people on that bus witnessed something quite horrific."
An Ulsterbus spokesperson said they are currently assisting police with the investigation. "We would extend out sympathies to the family and friends of the two men who were in the car," the spokesperson said.
"The driver made every effort to try to avoid this tragic incident however was unable to avoid the collision."
A spokesman for FG Wilson said the firm wished to extend their deepest sympathies to the familes of the two men.