The dramatic incident happened in a field off Welland Avenue between Gartree and Lubenham on Tuesday morning (April 19).
The dogs were killed by the dead sheep’s owner, said Leicestershire Police.
But it’s not known what breed they were or how they came to be running wild near livestock.
A police spokeswoman said: “Shortly after 10.30am on Tuesday (19 April) a report was received that dogs were attacking sheep on land off Welland Avenue, Lubenham.
“A sheep died as a result of being attacked by the dogs.
“Two dogs were destroyed by the owner of the sheep,” she said.
“Following further enquiries the owners of the dogs were located and an agreement was made to pay compensation to the owner of the sheep.”
Farmers have the legal right to shoot and kill dogs attacking sheep or other farm animals.
The incident comes after dog walkers were urged to keep their pets on leads in the countryside by Harborough MP Neil O’Brien last month after nine pregnant sheep were mauled.
The MP issued his plea after the ewes were targeted in a lambing barn off Kibworth Road at Kibworth Beauchamp.
After meeting the Harborough branch of the National Farmers’ Union, (NFU), Neil said: “Dog attacks are a critical issue for farmers all year round, especially during the lambing season.
“There has been a horrific incident in a lambing barn off Kibworth Road, that resulted in the injury of nine pregnant sheep.
“While thankfully none of the animals were killed the terrible stress of such an attack can result in ewes aborting their lambs.
“I hope this campaign to highlight the issue results in dog owners taking the necessary precautions again this,” said the Conservative MP.
“Even small dogs should be kept on a lead.
“And people should stick to walk routes which do not put defenceless animals in harm’s way, as it is not fair for farmers to have to deal with this.”
He spoke out as South Leicestershire MP Alberto Costa met local farmers and NFU leaders to discuss dairy exports and rural crime.
The MP was hosted by farmer Andy Webb at his family’s home, Usher Farm, at Gilmorton, near Lutterworth.
“It was a pleasure to meet with some of our fantastic farmers from across South Leicestershire who work tirelessly to put world-leading British produce on the tables of families up and down the country.
“It was fascinating to see the dairy process in action, and to hear about some of the many issues that our farmers face, from the increasing cost of living and fuel, to the changes in agricultural policy following our leaving the European Union,” said Alberto.
“This Government has been clear that it will do all it can to support our great British farmers.
“I was most grateful to all those who joined Andy and I at his beautiful farm near Gilmorton and to hear more about their excellent work in producing world-leading South Leicestershire produce.”