A man has died and another has been rushed to hospital after their boat capsized while fishing off Sydney’s eastern suburbs.

Emergency services pulled the two men from the water near Bear Island at La Perouse, on the headland of Botany Bay, about 10.30am today.

Man killed after boat capsizes in waters off La Perouse

The men were pulled from the water near Bear Island at La Perouse. Nine

It is believed the two friends, both from western Sydney,were fishing when the boat was capsized by a wave, flinging them into the water.

One of the men, aged 74, was helped by “very brave” recreational divers who saw the boat flip, police said.

He was rescued by a jet ski operator and taken to shore, before being taken to Prince of Wales Hospital in a stable condition.

The second man, who is yet to be formally identified but is believed to be aged in his 60s, was airlifted from the water unconscious.

Paramedics performed CPR, but he died at the scene.

Man killed after boat capsizes in waters off La Perouse

It is believed the men were fishing when the boat overturned by a wave. Nine

One of the men, aged 74, was taken to hospital in a stable condition. Nine

Police say the men were not wearing life jackets.

“This is a tragic incident and serves as a reminder to everyone to ensure they wear a life jacket, check the sea and weather conditions before leaving,” Detective Inspector Ryan Booker said.

Their boat was damaged and broke up during the accident.

A report will be prepared for the coroner.