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 dc– and ac–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/mol_Pr K² for Pr₂Pd₂In and 311 mJ/mol_Pr K² for Pr₂Pd₂Sn estimated from C_P (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.