An investigation is underway in the 14000 block of Wigginsville Road in Grangerland.
Authorities say this first came Thursday evening as a report of three missing children.
A paramedic who joined the search for the children spotted two of the three in the pond, and rushed to pull them out.
CPR was given to both children for more than 30 minutes, but they could not be revived.
A third child who had gotten into the water was able to swim back to dry ground. That child was taken to Texas Children's Hospital for treatment.
We do not know what led up to the children getting in the pond, or the whereabouts of their parents as this was happening.