They were killed on their way back to Brunei while driving on the highway near Limbang on Saturday afternoon.
Their four-wheel drive was involved in a head-on collision with another four-wheel drive coming from the opposite direction.
The couple - Mr Poh Sim Kee, 57, and his wife, Madam Pang Yee Ying, 56, owners of a farm in Brunei - died at the scene.
They were holidaying with some friends in East Malaysia and were on their way back to Brunei to catch a plane to Singapore when the accident happened.
The accident occured around 3.15pm.
The impact of the collision left one of the vehicles in a mangled mess, while the other car turned turtle.
The three occupants in the other car - two women and a man, said to be the driver - were rushed to Limbang Hospital.
The women died at the hospital. The driver, who was flown to a hospital in Brunei's capital, Bandar Seri Begawan, was pronounced dead on arrival, reported the Borneo Bulletin.
According to Shin Min Daily News, Mr Poh and his wife were supposed to have returned to Singapore on Sunday.
HEAVY RAIN
Malaysian papers said that the two vehicles were travelling in heavy rain, which may have led to the accident.
A police spokesman added: 'The collision happened because the two vehicles had been travelling at high speeds on a rainy day.'
In the meantime, an autopsy will be done to determine the cause of death, according to Guang Ming Daily.
The couple and their family live in a bungalow along Upper Serangoon Road, said Shin Min Daily News.