Hodson, 35, from Wigan died after the incident at the Joey's Windmill section of the Northern Ireland circuit.
His brother Rob Hodson was involved in the crash but was not seriously hurt.
Templepatrick man Lynd, 36, suffered his injuries in a crash on Wednesday while a third serious accident led to Thursday's Dundrod 150 being abandoned.
The condition of the rider involved in Thursday's second crash is unknown.
That incident happened in the National Challenge event and led to roads being closed for two hours as police investigated the incident.
The earlier National race was immediately red-flagged and the Hodson brothers were taken to hospital after being treated at the scene.
Jamie Hodson's death was later announced shortly after 22:00 BST.
An experienced rider, Jamie Hodson was the reigning Manx GP Supertwins champion, and this year achieved a top-10 finish in the Isle of Man TT Lightweight race.
The organisers of the event, the Dundrod and District Motorcycle Club, offered their sincere condolences to the Hodson family and friends and asked for their privacy to be respected.
Thursday's Dundrod 150 meeting was part of the Ulster Grand Prix meeting which concludes with Saturday's main day of racing at the circuit.

The men spent over an hour dragging the 368lb (167kg) beast on board the boat off the coast of Cornwall on Sunday.
One of the men, Nick Lane, said they had submitted a record application after the Shark Trust calculated the weight based on the shark's dimensions.
"I was jumping up and down like a little school girl", Mr Lane said. "All hell broke loose."
Thresher Shark latest
"Suddenly the rods took off, they were absolutely screaming," he said.
Mr Lane, a garage owner from Washford in Somerset, said when they got the shark on board they measured it and took photographs before letting it back into the water.
John Richardson, Shark Trust conservation officer, praised the anglers for putting the shark back into the sea.
He said: "Here in the Northeast Atlantic Threshers are listed as Near Threatened on the IUCN Red List of Threatened Species.
"The Shark Trust applauds the anglers for returning the shark alive to the water, especially as it may well have been a potential record."
Mr Richardson said normally anglers would need to bring a shark to shore to be formally verified for a record, although sometimes informal records can be recognised.
To be the largest shark caught in British waters it will need to break the previous record set in 1982 by a 323lb (147kg) thresher shark.
Nick Simmonds, secretary of the British Record Fish Committee (BRFC), said he had been unable to verify if a claim had been formally made yet.
Mr Richardson said he did have a record of their catch but the Shark Trust did not confirm or verify catch records.

The Cabinet Office said the election for the vacant seat, planned for 4 May, would now take place on 8 June as part of the nationwide polling day.
MPs will be asked to formally overturn the writ for the poll.
The proposed by-election would have created the anomaly of taking place after Parliament had been dissolved.
The by-election was caused by the death of long-serving Labour MP Sir Gerald Kaufman in February.
Commons Leader David Lidington told MPs there was no statutory provision allowing for the cancellation of a by-election when a general election was in progress.
But he said a precedent was set in a similar situation in 1923, when a by-election writ was regarded as having been superseded.
The Commons vote would enable Manchester's acting returning officer Joanne Roney to cancel the by-election.
English rider Jamie Hodson died in a crash at the Dundrod 150 on Thursday while Northern Irishman Stephen Lynd is critically ill after another incident.
[NEXT_CONCEPT]
A group of amateur fishermen have landed what they believe to be a record-breaking thresher shark.
[NEXT_CONCEPT]
A by-election for the Manchester Gorton constituency is set to be cancelled after the House of Commons backed a June general election.