The youths had gone to the river to collect holy water in order to pour it on Lord Shiva on the occasion of the first Monday of Shravan month, police said.
The youths are identified as Litu Sahu and Abhi Patra of Tumudibandha. They were recovered from water with help of local villagers.
While Sahu was found dead, Patra was immediately admitted at the the Balliguda sub-divisional hospital where his condition is stated to be improving, sources said.