As Jonas suggests, if x1 and x2 are numbers this works:
x1 = 3;
x2 = 4;
newValue = 25;
eval(sprintf('x_%i_%i = newValue;',x1,x2));
If x1 and x2 are strings, this becomes:
x1 = 'foo';
x2 = 'bar';
newValue = 25;
eval(sprintf('x_%s_%s = newValue;',x1,x2));
or more simply (using concatenation instead of SPRINTF):
x1 = 'foo';
x2 = 'bar';
newValue = 25;
eval(['x_' x1 '_' x2 ' = newValue']);
I don't know what you're trying to accomplish, but this probably isn't the best way to go about it. EVAL should always be avoided. Creating variables in the using EVAL is (a.k.a. "poofing") is doubly bad.
If you're trying to associate parameters with values, structures are a much better solution:
x1 = 'foo';
x2 = 'bar';
newValue = 25;
x.([x1 '_' x2]) = newValue;