The Bell 206 helicopter crashed at the reservoir at the Potrerillos de Mendoza dam 1 000 km northwest of Buenos Aires and Carlos Alberto Zarlenga and Luis Marcelo Barrera both died.
A police spokesperson told the Spanish language newspaper El Sol that the MTV helicopter was not authorised to fly over the dam.
Roberto Munives told El Sol that "due to the time of the accident, there is no hope of finding the crew alive".
Search and rescue workers have so far been unable to retrieve the bodies of the MTV helicopter pilot and a technician since the helicopter wreck is 60 m under the water surface.
According to Todo Noticias Argentina, the helicopter crashed into the Potrerillos dam in the city of Lujan de Cuyo at 08:15 and that "the white and light blue aircraft — contracted by MTV to take footage in the area — suddenly fell and exploded".
Saturday's crash is the second deadly helicopter crash in Argentina involving a reality show.
In a statement MTV says the helicopter was part of The Challenge, a co-production of MTV and Bunim-Murray Productions and was on its way to a shooting location when it fell and crashed. According to MTV the two people who died are not part of the cast or crew.
