The president has signed a decree to that effect, her press service informs.
Meilutytė will receive the Grand Cross of Commander of the Order For Merits to Lithuania, while Kazakevičius will be awarded the Cross of Commander of the Order For Merits to Lithuania.
Meilutytė, 15, won gold in 100m breaststroke event in the first days of the Olympics, winning the first Olympic medal in swimming for post-independence Lithuania.
Kazakevičius, 26, won bronze in 74kg Greco-Roman wrestling.