The shooting happened just after midnight Wednesday on the 3000 block of Lawrence Street.
Police say the gunmen pulled up to a pickup truck the two were in and fired at least 20 rounds, killing the two women.
The victims, who have not yet been identified, were a 35-year-old woman and her 19-year-old stepdaughter.
RAW VIDEO: Action Cam at scene of double shooting
Investigators say the women had borrowed the vehicle from someone.
"The windows were very dark. With the time that the shooter pulled next to the vehicle, there may have not been time to actually identify who was inside," Philadelphia Police Lt. Norman Davenport said.
Investigators say there was more than one gunman.
Police are checking surveillance cameras to see if the crime was recorded.