Prasanna Dissanayake, a hockey player of the Sri Lanka Army, and a beach volleyball player - whose identity is being ascertained - were untraceable since Saturday night.
Officials said that it was not clear if the two missing players had disappeared looking for employment in South Korea given that a large number of country's youth are employed in the host nation as unskilled workers.
Sri Lanka had sent a contingent comprising 60 men and 20 women to take part in the 17th Asian Games held at Incheon but the two players were unaccounted for at the time contingent prepared to leave on Saturday.
Last month, three Nepalese athletes had gone missing from the games village.
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