The Bills' passing game has been mediocre this season, and Ian Rapoport of NFL Network reported the Bills have cut Benjamin and Holmes.
Parting ways with Benjamin was particularly significant since he is second on the team in receiving yards this season with 354 yards on 23 receptions.
Zay Jones leads the team in both receptions (41) and receiving yards (459).
Benjamin has played in 12 games this season and started 10 of them.
A first-round draft pick in 2014, Benjamin's best season was his rookie year in 2014, when he had 73 receptions for 1,008 yards and nine touchdowns while playing for the Carolina Panthers.
The Bills acquired Benjamin in October of 2017 in a trade with Carolina that sent Buffalo's third- and seventh-round picks in the 2019 NFL Draft to the Panthers.
Holmes is sixth on the team with 157 receiving yards on 12 receptions. He has not caught a pass in the Bills' last two games.
Jones and wide receiver Isaiah McKenzie were the top receivers in the Bills' 21-17 loss to the Miami Dolphins on Sunday. Jones had four catches for 67 yards, and McKenzie recorded four receptions for 46 yards.