The abducted Lebanese were identified as Sarki Abi Chmouli and Ibrahim Abi Pherem, while the the slain policemen were attached to Pache Construction Company, employers of the abducted Lebanese.
The gunmen, according to witnesses, arrived the community on Wednesday at about 12.20pm in speed boats through the waterway.
The gunmen reportedly besieged the sand dredging site and shot repeatedly into the air to scare away passers-by and other workers in the area.
The two policemen responded with gun shots, but were killed by the volley of bullets released by the armed men.
The Bayelsa State Police Command has since confirmed the incident to reporters.
The Police Spokesman, Mr Astimin Butswat, was quoted by Reuters to have said, “we have launched a massive man hunt for the kidnappers and their victims.
“We want to assure Bayelsans to go about their legitimate duties as the Police are on top of the situation.”
Mr Butswat also said that the corpses of the policemen had been deposited at the morgue of the Federal Medical Centre for autopsy.