Bash script to create variables from and run commands on each item in an external list
Solution 1:
You can try this:
while read
do
read dir
read ip
# Your command using $dir and $ip
done < list.txt
The read after while reads the comments and discards them.
Each read command reads a single line from standard input (which in this case we've redirected from list.txt). For a more detailed explanation, see the documentation.