The 17-year-old girl fell off a waterfall at Wappa Falls on Queensland's Sunshine Coast about 2.30pm on Sunday.
A friend named by multiple media reports as Beau Liddell, also aged 17, jumped into the water to help the girl when she failed resurface.
Police said both teens went missing, sparking a search and rescue operation.
The girl's body was found about 3.30pm and divers recovered Beau's body several hours later.
Family and friends have paid tributes and shared condolences for the two teens who died. (HANDOUT/9NEWS)
The waterfall remains closed amid a police investigation and officers were set to prepare reports for the coroner regarding both teenagers.
Beau's sister Skye Liddell posted on Instagram about her devastation.
"I miss you so badly baby brother," she said.
"You had the most caring and kind heart.
"I am so proud of you, I love you to the moon and back, forever and always."
Other friends have also shared tributes on social media for Beau, calling him a "hero".
"Words can't describe how much I'm going to miss you brother," one friend posted on Instagram.
"You left the world a hero and you will never be forgotten."
Local MP Marty Hunt offered his condolences to the families of the two teenagers as the community grieves their loss.
"Our hearts go out to the families of the two individuals who tragically lost their lives at the waterfall," he said in a statement.
"Two families are enduring unimaginable pain right now and on behalf of the community I offer our deepest condolences during this time."
Wappa Falls is a popular local swimming spot and tourist destination, but it can be dangerous after heavy rain when the upstream Wappa Dam spills.
The dam is currently 101.8 per cent full, according to Seqwater.
Seqwater warned on Sunday morning that outflows from Wappa Dam had increased after heavy Saturday rainfall.
Nearby Cooloolabin Dam received 49mm of rain in the 24 hours to 9am on Sunday.
Wappa Falls has been the site of several tragedies over the years, with a father drowning in 2022 trying to save his son who had fallen into the water.
More than 30 people have drowned around the nation this summer.
Most recently, Balonne Shire councillor Robyn Fuhrmeister's son Ashley Jay Hicks was found dead after diving into Beardmore Dam near St George in southern Queensland and failing to resurface.
A couple from Perth's Bangladeshi community died after reportedly attempting to rescue their two children from a rip in December.
A 21-year-old man in Canberra drowned after while swimming with family and friends at Pine Island in the Murrumbidgee River.
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