The generalization of the two-loop Pinch Technique to the Electroweak Sector of the Standard Model is presented. We restrict ourselves to the case of conserved external currents, and provide a detailed analysis of both the charged and neutral sectors. The crucial ingredient for this construction is the identification of the parts discarded during the pinching procedure with well-defined contributions to the Slavnov-Taylor identity satisfied by the off-shell one-loop gauge-boson vertices; the latter are nested inside the conventional two-loop self-energies. It is shown by resorting to a set of powerful identities that the two-loop effective Pinch Technique self-energies coincide with the corresponding ones computed in the Background Feynman gauge. The aforementioned identities are derived in the context of the Batalin-Vilkovisky formalism, a fact which enables the individual treatment of the self-energies of the photon and the $Z$-boson. Some possible phenomenological applications are briefly discussed.