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The avalanche came down around 3:00 pm (1400 GMT) at an altitude of 2,700 metres (8,858 feet) in the Lech Zurz ski area and was thought to have trapped around 10 skiers, police said.
Rescuers backed by helicopters and dogs scoured for survivors.
Eight people had been found, two of them injured, police said. One managed to free herself and get to hospital.
“We still have no news of two people and are continuing the search,” said Hermann Fercher, head of the tourist office responsible for reporting on the rescue.
Officials had warned of high avalanche risk in the area over the weekend.
In recent years, avalanches in Austria have killed about 20 people on average each year.