Their boat, operating out of Tabusintac, N.B., issued a distress call at around 5:30 a.m. local time Saturday. Three crew members were on board when it capsized.
The body of a 23-year-old fisherman was later found on a beach near where the fishing boat hit a sandbar in rough seas and began taking on water.
The RCMP say a 35-year-old man from Tabusintac and a 32-year-old man from Brantville are still missing.
A military search for the two was called off Saturday afternoon at around 4 p.m. AT, but crews resumed their search on Sunday morning.
An RCMP underwater recovery team is looking for the two men and the boat, which is submerged but is moving around.
Teams are concentrating on the beach and the sandbar, about four kilometres from shore. They are also focusing on Neguac, south of Tabusintac in case the wind and currents moved the men. Crews from the military base CFB Gagetown are also aiding in the ground search.
“The weather conditions right now are very good for a search. The weather is clear. We’ve got clear skies, no clouds no wind no rain,” said Const. Scott Messier.
There was a sombre mood at the wharf as locals combed the coast, the CBC's Tori Weldon reported.
Fishermen in Tabusintac said they won’t fish today out of respect.
Messier said crews will search all day, weather permitting. Sunset is around 9 p.m. AT.