Two men have died after their boat capsized in Moreton Bay this afternoon.

Police were notified of the overturned vessel by a passing boat just after 1pm.

The crew from the passing boat rescued a 70-year-old Alexandra Hills man from the water and commenced first aid prior to the arrival of emergency services.

He could not be revived and died on scene a short time later.

A second man, 75-years-old from Tinana, was transported by air to hospital where he later died.

Police will prepare a report will be prepared for the coroner.