A teenager is being remembered as a hero after dying while trying to rescue a girl who had jumped into a waterfall and also lost her life.

The 17-year-old girl fell off a waterfall at Wappa Falls on Queensland's Sunshine Coast about 2.30pm on Sunday.

A friend named by multiple media reports as Beau Liddell, also aged 17, jumped into the water to help the girl when she failed resurface.

Police said both teens went missing, sparking a search and rescue operation.

The girl's body was found about 3.30pm and divers recovered Beau's body several hours later.

The waterfall remains closed amid a police investigation and officers were set to prepare reports for the coroner regarding both teenagers.

The waterfall remains closed amid a police investigation and officers were set to prepare reports for the coroner regarding both teenagers.

Beau's sister Skye Liddell posted on Instagram about her devastation.

"I miss you so badly baby brother," she said. "You had the most caring and kind heart. I am so proud of you, I love you to the moon and back, forever and always."

Other friends have also shared tributes on social media for Beau, calling him a "hero".

"Words can't describe how much I'm going to miss you brother," one friend posted on Instagram.

"You left the world a hero and you will never be forgotten."

Two teens failed to resurface at Wappa Falls. – 9News/AAP

Local MP Marty Hunt offered his condolences to the families of the two teenagers as the community grieves the loss of the young lives.

"Our hearts go out to the families of the two individuals who tragically lost their lives at the waterfall," he said in a statement.

"Two families are enduring unimaginable pain right now and on behalf of the community I offer our deepest condolences during this time."

Wappa Falls is a popular local swimming spot and tourism destination however, it can be dangerous after heavy rain.

Spills from the upstream Wappa Dam can make it a powerful and turbulent waterfall.

Wappa Dam is currently 101.8 per cent full, according to Seqwater.

Seqwater warned on Sunday morning that outflows from Wappa Dam had increased after heavy Saturday rainfall.

Nearby Cooloolabin Dam received 49mm of rain in the 24 hours to 9am on Sunday.

"Avoid potential hazards downstream of the dam such as fast flowing or deep water near waterways and floodplains," Seqwater said.

"These hazards potentially threaten the safety of you and your property."

Wappa Falls has been the site of several tragedies over the years with a father drowning in 2022 trying to save his son who had fallen into the water.

More than 30 people have drowned around Australia this summer.