Time to Panic... and this time we're not joking around.

Two members of Panic At the Disco -- Ryan Ross and Jon Walker -- are leaving the band. Brendon Urie and Spencer Smith will continue with the band and all plans for the tour will continue with the new Panic.

The official statement from the band reads: "Ryan Ross and Jon Walker will be leaving Panic At the Disco to embark on a musical excursion of their own. Though the four of us have made music together in the past, we've creatively evolved in different directions which has compromised what each of us want to personally achieve. Over the years, we have remained close and honest with each other, which helped us to realize that our goals were different and that parting ways is truly what is best for each of us. We are all excited for the future, you should be too."

The message continues saying: "Stay posted to the Panic site for updates on Ryan and Jon's new project, as well as a message from Brendon and Spencer who will continue on as Panic At The Disco. All touring and album plans for Panic will continue as previously announced."

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Photos: Startraks, Courtesy of J-14