Emergency services were unable to save a speed boat which caught on fire at Coomera on Sunday afternoon.
A call was received just after 2.30pm to reports of a boat on fire.
Gold Coast water police and members of the Volunteer Marine Rescue rushed to the scene but the boat was unable to be saved.
The two people who had been on board the boat were rescued from the water by passers by.
Police believe the fire was caused by a mechanical failure and that there are no suspicious circumstances surrounding the fire.