The two officers with the Hampshire Constabulary were the first to arrive at the scene after Henry Nowak was stabbed in December 2025 in the southern England coastal city of Southampton.
His killer, Vickrum Digwa, who is Sikh, falsely claimed he was the victim of a racist assault by Nowak, who was white.
Police body-worn video footage of Nowak's final moments, which showed him being handcuffed and telling officers he had been stabbed and that he could not breathe, shocked the public.
The police conduct office said the two officers "may have potentially breached the professional behaviour standards of duties and responsibilities, use of force, and discreditable conduct".
Derrick Campbell, the director of engagement at the IOPC, said the investigation "does not necessarily mean that disciplinary proceedings will follow.
"At the end of our investigation, we will decide whether any officers should face disciplinary proceedings."
The watchdog is also looking at whether race or religion played a part in the officers' decision making.
Nowak's death was seized on by far-right activists and politicians, who claim that there is bias against white people in the justice system.
Violence erupted in Southampton after Digwa, 23, was convicted of murder and sentenced in June to at least 21 years in prison.
