One of the men died instantly, the other managed to escape and was chased by police.
"This is one of the strangest and most high-profile gang cases we've had in years," said Irish Times journalist Conor Lally to Swedish newswire TT.
The incident was first reported as a car accident southwest of Limerick on the evening of June 8th. Three cars collided at an intersection, and a dead man was found in the back seat of one of the cars.
The man was wearing a balaclava and a loaded gun was at his feet.
The deceased was identified as a Swedish man in his 30s and according to police the driver of the car was also Swedish. Irish media reports that the man left a mobile phone in the car when he fled, and police are said to know who they are looking for.
The police theory is that the men had been hired to commit a murder in an ongoing conflict in the area, and that they were on their way to carry it out when the accident happened, according to media reports.
Police believe that the man who fled was assisted by his clients when going into hiding. It is unclear whether he is still at large in the country.
Swedish police are said to have assisted in the investigation.
“The preliminary investigation is being conducted in Ireland and we will assist if necessary. We are therefore referring all questions to the Irish police at this time,” wrote Rebecka Sallroth, acting head of serious crimes in the Stockholm North police district, in a comment to TT.
The Irish police have declined to comment on the investigation for TT.
Conor Lally, the Irish Times journalist, says that the incident stands out. It is extremely unusual for foreign gunmen to be hired for assassination missions in Ireland.
“The fact that this man died in a car accident, on his way to carry out the shooting, has really shocked people. There has been enormous media coverage of the case and the articles we have written have often been the most read for several days," Lally told TT.
The deceased man had been investigated for a crime in Sweden and was detained for a short time in March of this year.