The sheriff's office said a Nissan was traveling at a high rate of speed southbound in the northbound lanes of Route 41 a half mile north of Stearns School Road at about 4:05 a.m. when it struck a Ford Edge, which then caught fire after the crash.
The driver of the Nissan, a 32-year-old man from Grayslake, was pronounced dead at the scene, the sheriff's office said. The 54-year-old man from North Chicago driving the Ford was transported to a hospital, where he later died.
Authorities have not released their identities.
The crash is under investigation by the Lake County Sheriff's Office Technical Crash Investigation Team.