The case was brought by the family of Paul Van Alfen and Charlene Jones Lloyd, who were killed when their Toyota Camry crashed into a wall.
Toyota did not disclose the size of the settlement.
It is thought the case marks the first of hundreds of pending wrongful death and injury lawsuits.
Last month Toyota agreed to pay an estimated $1.1 billion to settle hundreds of lawsuits from other US car-owners, who were claiming economic losses because of safety changes needed for their vehicles.
Since 2009, Toyota has recalled more than 14 million vehicles worldwide over problems with accelerator pedals becoming trapped under floor mats.
Toyota said it sympathized with anyone in an accident involving one of its vehicles, but said it stood behind the safety and integrity of its electronic throttle control system.
“We are satisfied that both parties reached a mutually acceptable agreement to settle this case,” a company statement said of the most recent agreement.
“While Toyota may decide from time to time to settle select cases, we will have a number of other opportunities to defend our product at trial in multidistrict litigation and other legal venues.
“We are confident the evidence will confirm what millions of Toyota drivers prove every day: that they can depend upon their vehicles to provide safe, reliable transportation.”
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