The deceased were identified as A Sundara Rao (21), a delivery boy working for Flipkart and P Nani (20), a stickering shop owner who were both were residents of Gajuwaka area, a police official said.
The incident took place at the border area of Devarapalle mandal in Vizakhapatnam district, said police sub-inspector G Appanna who rushed to the spot to conduct search operations.
According to the police official, ten youngsters, including two girls from Pedagantyada, Bhanojinagar and Gajuwaka areas in Visakhapatnam city had reached the waterfalls to spend the Sunday.
Ramajogi Rao, who was nearby the two drowned youth at the time of the incident tried to rescue them, but failed, the police official said.
Friends of the two victims claimed that one of the youths slipped while taking selfies and when the other tried to save him, both lost their balance and fell into the water, the police official said.
The Ananthagiri police has registered a case and an investigation is on, the police official said.