Two out of the group of eight from Belagavi who had gone to Goa drowned on the Ashwem beach on Saturday afternoon.
The deceased have been identified as Aditya Kumar Magdum aged 26 Udyambag and Abhijeet Magadum 33 Hindwadi.
The third person was rescued by the lifeguards.
Police said that the deceased was part of a group of eight that arrived in the state on Saturday. Five of the eight had ventured into the water of which two drowned and one was rescued, police said.