I think you need to give us a bit more information about the pros and cons of this- How many credits is each dissertation worth? Would you miss out on other valuable modules by doing this? Is this common for people on your course?
Dissertations are very time consuming and can be very stressful. Would you have to conduct any experimental research? How would this fit into the time frame?
Are you considering this purely to try and avoid exams? Dissertations can be difficult and stressful too, and it may be difficult to organise seeing two supervisors.
Would they have the same deadline date? Could you end up having to do lots of corrections for two dissertations at short notice?
I think the negatives of this are very likely to outweigh the positives and trying to manage two dissertations could drag your overall grade down unless you manage your time very well.