The RCMP say the bodies of Austin Kingsborough and Brendan Wilson, both 17, were discovered about 25 metres below the surface of the lake.
An American team using special sonar equipment found the remains after an RCMP dive team wasn't able to do so.
Meanwhile, the RCMP say they've exhausted efforts to find a 59-year-old Calgary man who disappeared on Shuswap Lake while fishing last week.
John Poole's boat was found beached on the shore with its engine still in gear on May 1.
Police say they ended the search because of as lack of information about where in the lake Poole might have fallen into the water. (CHNL,The Canadian Press)