The corpse of Mad Panthip, 51, was found at 9.30am amid mangrove trees while the body of La-ong Theppitak, 54, was found 30 minutes later in a nearby area.
Their bodies were sent for autopsy to Vachira Phuket Hospital before the families could collect them for religious rites.
The two men were part of a group of four that headed out to guard a yacht anchored 100 metres offshore when the waves hit them on Sunday night. Two people were rescued shortly after the drama – a nine-year-old boy was saved but 58-year-old Wisut Prasert died on the way to hospital.