Police rushed to the bank in the centre of the southwestern Germany city after the alarm was sounded around 4 pm. The robbers, one man and one woman, immediately opened fire on the cops upon their arrival.
The robbers were both shot and killed at the scene, according to a police spokesman. One female police officer suffered serious but not life-threatening injuries and was taken to the hospital.
Jürgen Burst, spokesman for the Volksbank Karlsruhe, said there were three bank employees in the branch at the time of the robbery, but they were unharmed.
The authorities said several people were being treated for shock.