The driver of the bus, a man in his 50s and a pedestrian in his 60s died during the tragic crash that has left locals in the town in shock today.
The incident unfolded when the single-decker 216 Bus Éireann service from Monkstown to Cork University Hospital, collided with a man and several parked cars close to the Bosun bar.
Emergency services rushed to the crash site, however both men were pronounced dead at the scene.
Their bodies remain at the scene this evening, which has been closed to allow for a forensic collision investigation.
A team from Bus Éireann is also in Monkstown this afternoon.
Gardaí in Togher are appealing for any witnesses to contact them on 021 494 71 20.
They are also asking anyone who travelled the Strand Road between 1:15 and 1:45pm and who may have dash cam footage to make the footage available to them.