Juste Juozapaityte and Jade Thompson will battle it out in next week's grand finale.
Bogatirjova and Leaver were picked as the weakest links left in the competition after the final four completed swimsuit shoots and Miami catwalks, and were sent out to meet casting agents in the US.
"There are only two places in the final, but you girls have been incredible. We have so enjoyed this process and watching you girls blossom to the gorgeous models you are today," said Macpherson.
After being told about their exits, Leaver cried: "This has been the best experience of my entire life. All the friends, all the people. It's just been amazing. I've loved it.
"I never want to give up. I want to keep trying and knock on everyone's door until someone takes me."
Bogatirjova added: "There is only one winner, so there is nothing more I can say. I can't go on the site and redo the shoot. I did my best, I tried, but I'm just not good enough to get to the final. There's nothing else I can do."
Finalist Thompson commented: "This is the best day of my life. I never thought I would get this far."
Juozapaityte said: "I feel I'm so much stronger now. It's amazing. I'm going to cry."
Britain & Ireland's Next Top Model final airs next Monday at 9pm on Sky Living.