Emergency services were called to Babbacombe Beach on Thursday afternoon after two men were pulled from the water by the RNLI lifeboat.
The two men, aged 25 and 26, were taken to Torbay Hospital, but police have confirmed that they have both died.
Enquiries remain, and police are asking anyone with any information to come forward.
A Devon and Cornwall Police spokesman said: “Two men have died following an incident off Torquay yesterday (Thursday 27 June).
“Police were called by the coastguard at around 2pm with reports that two bodies had been pulled from the water near Babbacombe Beach by the RNLI lifeboat.”
“The local men, aged 25 and 26, were pronounced deceased”
Devon and Cornwall Police
He added: “Emergency services including ambulance, police and HM Coastguard attended the scene where the men were brought to shore and taken to Torbay Hospital.
“The local men, aged 25 and 26, were pronounced deceased. Their next-of-kin have been informed.
“Police enquires remain ongoing at this time.
“Anyone with information is asked to contact police on 101 quoting log 552 of June 27.
Cops declared a “critical incident” following the tragedy at the beach which comes amid a peroid of hot weather.
Elsewhere, a girl, 12, died after jumping into the River Irwell in Bury.
The Met Office has predicted the hottest day of the year so far will hit this week, with temperatures to soar past 30C.
And another man was seriously injured while tombstoning off cliffs at Torquay.
He was airlifted to Derriford Hospital with serious injuries after being winched aboard the Coastguard Rescue Helicopter.