Dense nanostructured $2MoSi_{2}-SiC$ composites were synthesized by the pulsed current activated combustion synthesis (PCACS) method within 3 minutes in one step from mechanically activated powders of $Mo_{2}C$ and 5Si. Simultaneous combustion synthesis and densification were accomplished under the combined effects of a pulsed current and mechanical pressure. Highly dense $2MoSi_{2}-SiC$ with relative density of up to 96% was produced under simultaneous application of a 60 MPa pressure and the pulsed current. The average grain size of $MoSi_{2}$ and SiC were about 120 nm and 90 nm, respectively. The hardness and fracture toughness values obtained were 1350 $kg/mm^{2}$ and 4 $MPa{cdot}m^{1/2}$, respectively.