Two Glovertown men were found dead in Rocky Pond in Gambo near their overturned boat, after they were reported overdue from a fishing trip.
The men, both in their 70s, were wearing inflatable life jackets but they appeared not to have been inflated, according to the RCMP.
Glovertown RCMP received the report just after 2 a.m. on Tuesday.
The Bonavista Bay Search and Rescue and the Joint Rescue Coordination Centre, supported by a CH-149 Cormorant helicopter from 103 SAR Squadron in Gander, joined the RCMP to search for the men.
The Office of the Chief Medical Examiner is helping with the investigation.