The bodies of the pair – aged 25 and 35 – were found on Monday floating in the water near the Cueva de es Cossi in the east of the Mediterranean island, a spokeswoman for the Guardia Civil police said.
They had been practising deep-water soloing, a form of rock climbing without ropes that relies solely on the presence of water at the base of a climb to protect against injury from falls.
“It appears that there was a rockslide and they fell,” the spokeswoman said.
Emergency services rushed to the scene after being alerted by swimmers in the area who spotted the badly bruised bodies of the two men floating in the water, she added.
Spain’s maritime rescue service recovered their remains, which were taken to the nearby port of Portocolom.
The area has long been popular for deep water soloing, also known as psicobloc.
While the sport is usually practised on sea cliffs at high tide, it can also be done on climbs above reservoirs and rivers.