A method to simultaneously synthesize and consolidate the silicide $NiSi_2$ and the composite $NiSi_2$-20vol.%Nb from powders of Ni, Si, and Nb was investigated. Combustion synthesis was carried out under the combined effect of an electric field and mechanical pressure. The final density of the products increased nearly linearly with the applied pressure. Highly dense $NiSi_2$ and $NiSi_2$-20vol.%Nb with relative densities of up to 97% were produced under the simultaneous application of a 60MPa pressure and a 3000A current on the reactant powders. The respective Vickers microhardness values for these materials were 6.0 and 5.8 GPa. From indentation crack measurements, the fracture toughness values for $NiSi_2$ and $NiSi_2$-20vol.%Nb were calculated to be 3.3 and 4.7 $MPa{cdot}m^{1/2}$, respectively.