It is thought that they were sucked out by powerful undercurrents as the tide started to recede.
The boy was saved by a surfer who brought him to shore on his board, and he was rushed to the General Hospital by ambulance.
Paramedics said that his condition was very serious and that he had been very close to drowning.
He has since made a full recovery.
Efforts to revive the 46-year-old man failed and he was pronounced dead by doctors at the hospital.
The police had this morning not released his name, although they said he had been in the Island for around a year.