The cross correlation between a pair of femtosecond lasers with slightly different repetition rates enables high precision, high update rate time-of-flight (TOF) distance measurements against multiple targets. Here, we investigate the obtainable ranging precision set by the timing jitter from femtosecond lasers. An analytical model governing dual femtosecond laser TOF distance measurement in the presence of pulse train timing jitter is built at first. A numerical study is conducted by involving typical timing jitter sources in femtosecond lasers in the following. Finally, the analytical and numerical models are verified by a TOF ranging experiment using a pair of free running femtosecond Er-fiber lasers. The timing jitter of the lasers is also characterized by an attosecond resolution balanced optical cross correlation method. The comparison between experiment and numerical model shows that the quantum-limited timing jitter of femtosecond lasers sets a fundamental limit on the performance of dual femtosecond laser TOF distance measurements.