The house belonging to an elderly couple in the town of Germering, west of Munich, was completely destroyed. The body in the cellar is believed to be that of an 84-year-old woman.
Police were not able to say immediately whether the second body, found in the burnt-out ruins of the house itself, belonged to the woman's 88-year-old husband.
The cause of the explosion also remains a mystery, though the police had ruled out a gas leak as the cause.
Several neighbouring houses were also damaged by the blast, mostly in the form of shattered windows.
Neighbours alerted the police about 12:30 am Thursday. A police spokesman described the scene as a “picture of devastation.” Some 150 fire officers were deployed.