The operation took place in a wooded area in Chechnya's Shatoi district, RIA Novosti reported.
"Two police were killed and 17 were injured," an unnamed district police official said on Sunday.
A spokeswoman for the regional Investigative Committee department said one police officer was killed at the scene and the other died of his injuries on the way to a local hospital. She also said only 15 people were injured.
It was unknown whether any of the suspects were killed or injured during the incident.
Police have cordoned off the area to search for hiding suspected militants.