The R2T2X (R = rare-earth, T = transition and X = s and p block element) series of compounds are interesting owing to their fascinating structural and physical properties. In this present work, we have studied the magnetic and physical properties of Pr2Pd2In and its new isostructural Pr2Pd2Sn polycrystalline compounds. The samples were synthesized by arc-melting method and confirmed to crystallize in the Mo2B2Fe-type tetragonal structure with space group P4/mbm where atoms are arranged in the layered Shastry-Sutherland lattice. This structure is an intrinsically frustrated system due to the triangular arrangement of the rare-earth atoms. The dcâ€“ and acâ€“magnetic susceptibility, specific heat, and electrical resistivity measurements indicate an unstable antiferromagnetic transition below at T = 5 K and T = 2.5 K for Pr2Pd2In and Pr2Pd2Sn, respectively. The antiferromagnetic order is unstable in applied magnetic fields, becoming ferromagnetic beyond a field value of 1.5 T and 1.3 T for Pr2Pd2In and Pr2Pd2Sn, respectively. The field dependent magnetization shows a metamagnetic behavior in both compounds with the critical field of 1.5 T and 1.3 K at 2 K for Pr2Pd2In and Pr2Pd2Sn, respectively. The electronic specific heat coefficient values of 235 mJ/molPr K2 for Pr2Pd2In and 311 mJ/molPr K2 for Pr2Pd2Sn estimated from CP (T) data indicated that the compounds belong to the heavy fermion family. The metallic behavior is identified from electrical resistivity of both compounds with a characteristic of electron-phonon scattering in the paramagnetic region. The variety of magnetic properties such as para-, ferro- and antiferromagnetic behavior including metamagnetic transition is observed due to the magnetic frustration from distorted triangles of Pr-atoms in Pr2Pd2In and Pr2Pd2Sn. The existence of frustrated moments due to the triangular arrangements of Pr atoms is discussed in both compounds.