UPDATE | Police say it's too early to say exactly what led to the deaths of two boys, reported missing from Cranbrook on Monday afternoon.
Detective Senior Sergeant Dave Miles said the boys were located in close proximity to each other in a cut away section of the Ross River.
They were found in the water only a couple of metres apart on Tuesday morning.
Detective Senior Sergeant Miles said "from the recent flood events, it's quite deep and quite a steep bank and there's some vegetation there".
He said it it too early to say that the cause of death was drowning.
30 to 40 members of the public had been involved in the desperate search of streets and backyards on Monday evening.
In excess of 30 members of the SES and around 40 Police Officers also hit the streets, while the Rescue Chopper flew overhead.
Investigators confirmed the family is devastated and is being offered support.
Police said a relative phoned them late on Monday to report that the boys hadn't come home.
Detective Senior Sergeant Miles said it would appear that the boys have ventured down to the river and somehow ended up in the water.
He said investigators will speak to as many people who they think will be able to assist them with their enquiries.
Detective Senior Sergeant Miles said it was his understanding that the boys knew the area quite well and often went to the Ross River.
He said they have spoken to people who live in the area, who confirmed they saw the boys playing and going about their usual activities on Monday afternoon.
Police will speak to the Principal of Cranbrook State School to offer support after it was revealed that one of the boys was a student there.
Superintendent Steve Munro thanked members of the community who rallied together to help them look for these two boys. He said seeing these two young lives lost, has a significant impact on the policing community.
He said the deaths come as the broader community recovers from the flood event.
Police are preparing a report for the coroner.
EARLIER | Police have found the bodies of two boys who went missing from Cranbrook on Monday.
The 3-year-old and 5-year-old brothers went missing around 5.30pm. Their bodies were found in the Ross River near Cranbrook Park a short time ago.
Police would like to thank the media and the public for their assistance.
The Queensland Police Service extend their condolences to the family during this tragic time.