Police Scotland said emergency crews were alerted to a report of concern for two divers at Loch Fyne in Argyll and Bute at about 3.30pm on Sunday.
The force said a 26-year-old woman was pronounced dead at the scene, while the body of a 24-year-old woman was recovered from the water.
A Police Scotland spokesperson said: “The deaths are being treated as unexplained and a post-mortem examination will take place in due course.”
The Coastguard, lifeboat crews, and the Scottish Fire and Rescue Service (SFRS) were involved in the multi-agency operation.
Read more from Sky News:
Murder accused dead in jail
Rapist who abducted girl jailed
A SFRS spokesperson said: “Operations control mobilised two pumps and water rescue resources to assist a multi-agency search and rescue.
“A female was sadly pronounced dead at the scene. Further searches were carried out in the water, and the body of a 24-year-old woman was recovered.
“Our thoughts are very much with their family, friends, and the wider community at this difficult time.
“Fire crews left the scene around 7.28pm.”
