The attack occurred near a police post in the town of El-Arish, scene of frequent attacks by Islamist militants on security forces, as the two policemen made their way to work.
One policeman died on the spot, while the other succumbed to his wounds later at a military hospital.
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Egypt's military has been battling an insurgency on the peninsula since it overthrew Islamist president Mohamed Morsi last year and cracked down on his supporters.
The government declared a state of emergency in parts of North Sinai after an October 24 suicide attack near El-Arish killed 30 soldiers in the deadliest assault on security forces since Morsi's ouster.
Militant groups claim their attacks are in retaliation for a government crackdown targeting Morsi's supporters that has left hundreds dead and thousands jailed.