The pair, aged 18 and 21, were reported missing early Sunday when friends camping with them at Whitetail Lake, about 30 kilometres west of Canal Flats, told police they had not been seen for nearly 12 hours.
RCMP say at about midday, Sunday, searchers found a section of the Findlay Creek Forest Service road where a vehicle had tumbled down the steep embankment and into the fast-moving water.
Personal items belonging to the missing men were found along the banks of the creek, but there is no sign of them or their truck.
Officials say the swift water and low visibility mean divers can't be used in the search, but a helicopter is scanning the creeksides, in hopes of spotting anything.
The missing men have been identified as Canal Flats resident Stephen Thomson and Nicholas Hoefnagels of Carstairs, Alta.