Initial investigations suggest that the vessel the man was travelling in collided with a pylon at the Petrie Street Bridge at around 10pm.
A 66-year-old Maroochydore man and a 40-year-old Mountain Creek man were transported to the Nambour Hospital with unknown injuries.
The Sunshine Coast Water Police will investigate the cause of the crash.
Anyone with information which could assist police with their investigations should contact Crime Stoppers anonymously via 1800 333 000 or crimestoppers.com.au 24hrs a day.
Crime Stoppers is a charitable community volunteer organisation working in partnership with the Queensland Police Service.