A search and rescue team was called in after a resident noticed a cooler and a dog in the water. Police found the men's bodies along with an overturned boat.
Vernon/North Okanagan RCMP say the men were out on a two-day camping trip and were due to return Tuesday afternoon.
Police say they don't yet know what happened, but noted the water was rough during a storm on Tuesday and that could have been a contributing factor.
Both men were wearing life jackets.
Police have not released the identity of the victims and are in the process of locating and notifying their next of kin.