We report the discovery of two new transiting planets from the WASP survey. WASP-42 b is a 0.500 +/- 0.035 M_jup planet orbiting a K1 star at a separation of 0.0548 +/- 0.0017 AU with a period of 4.9816872 +/- 7.3 x 10^-6 days. The radius of WASP-42 b is 1.080 +/- 0.057 R_jup while its equilibrium temperature is T_eq = 995 +/- 34 K. We detect some evidence for a small but non-zero eccentricity of e=0.060 +/- 0.013. WASP-49 b is a 0.378 +/- 0.027 M_jup planet around an old G6 star. It has a period of 2.7817387 +/- 5.6 x 10^-6 days and a separation of 0.0379 +/- 0.0011 AU. This planet is slightly bloated, having a radius of 1.115 +/- 0.047 R_jup and an equilibrium temperature of T_eq = 1369 +/- 39 K. Both planets have been followed up photometrically, and in total we have obtained 5 full and one partial transit light curves of WASP-42 and 4 full and one partial light curves of WASP-49 using the Euler-Swiss, TRAPPIST and Faulkes South telescopes.