One of the pedestrians, a 70-year-old man, was pronounced dead at the scene.
The other pedestrian, an 18-year-old woman, suffered serious injuries and was taken by ambulance to Aberdeen Royal Infirmary where she remains in a stable condition.
The road remains closed while police carry out their investigations.
Road policing sergeant Craig McNeill said: “Our thoughts are with all those affected by this terrible tragedy.
“I am extremely interested in speaking to anyone who may have witnessed the collision, or who may have seen either vehicle beforehand.
“I would also like to hear from anyone with dash cam or CCTV footage of the incident.
“Anyone with any information should contact Police Scotland on 101 quoting incident number 3633 of 9th November 2019”.
Pensioner dies and woman, 18, seriously injured after crash on Aberdeen road