Police say they will prepare a report for the coroner after the deaths of two men at a popular waterfall in the Atherton Tablelands.

A search and rescue operation for the men, aged 28 and 29, was called off at about 12pm yesterday at Milaa Milaa Falls after the pair were found and declared deceased.

Police said the two had walked into the water at the Falls for a swim, but had failed to surface and the alarm was raised.

A third man, 27, from Cairns North, was treated by Ambulance paramedics at the scene for hypothermia.

All three were known to each other, police said, and investigations are continuing.