The police confirmed that the gruesome incident took place in the community of Livorno several kilometers south of Paramaribo.
Police say the father, 77, died on the spot while his 76-year old wife succumbed to her injuries while being treated at hospital.
Sources indicate neighbours rushed to the home on seeing the fire but the son, who had a machete was locked in the house.
On further investigations, the father was found at the back of the house, in a pool of blood, while the mother who was severely injured was lying in a hammock.
On arrival, the police held onto the son who then slashed both of his wrists in an apparent attempt to commit suicide.
He is currently nursing his wounds in hospital under police guard.
So far no motive has been established for the attack.