Six others were found guilty of attempt to murder in the case by Fast Track Court-I judge Ravi Shankar Sinha.
The two held guilty are the then station house officer of Shastri Nagar police station Shamse Alam and constable Arun Kumar Singh.
The court will pronounce quantum of sentence to the eight accused on June 12.
The three students - Vikash Ranjan, Prashant Singh and Himanshu Shekhar were killed in a fake encounter case at a market near Ashiyana Nagar locality under Shastri Nagar police station area here on December 28, 2002.
The six were Kamlesh Kumar Gautam, Raju Ranjan, Soni Rajak, Kumod Kumar, Rakesh Kumar Mishra and Anil.
Alam, who had arrived at the spot with Singh on being informed, fatally shot the three students in the head and dubbed them as dacoits in a report of the police station.
Mukesh Ranjan, brother of slain student Vikash Ranjan was an informant of the fake encounter case.
As many as 33 witnessed were examined by the court during the protracted trial. Alam, the prime accused, was denied bail by various courts ever since he was arrested in the case in 2003.
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