Officers came across the injured 27-year-old woman in Main St, Kildysart, at about 19:30 local time on Wednesday and called for emergency medical help.
Police also became aware there was an injured man at a house in the street.
The pair later died at the scene. Police said they are not looking for anyone else over the double fatality.
The dead man, who was 44, had been found in a "serious condition" in the house.
Police tried to help both of the injured but they were pronounced dead by a local doctor and their bodies remain at scene.
A Garda (police) spokesman said the area has been sealed off for a technical examination and the state pathologist has been contacted.
"Gardai at this stage can confirm that they are not looking for a third party in relation to this incident," the spokesman added.
He appealed to anyone who had been in Kildysart village, particularly Main St  between 18:00 and 19:30 local time, to contact officers.
Irish police are investigating the deaths of a man and a woman who they had found seriously injured in a village in County Clare.