The bodies, believed to be those of couple Leannedra Kang and Takahiro Toya, were discovered in Tasmania's northeast just hours after a missing persons alert was issued on Friday.
They had been travelling around the state in a rental car and were reported missing after they failed to board a flight to Brisbane on Wednesday.
Investigators have confirmed a car was found in water about 5.30pm off Tebrakunna Road between St Helens and Derby, some 120km from Launceston.
Two bodies were discovered nearby a short time later.
"At this early stage it appears they were travelling over a bridge when the vehicle has left the roadway and ended up in the water," Inspector Luke Manhood said on Saturday.
"This is a tragic outcome and our thoughts are with their families and loved ones."
Police said the pair, aged in their 20s, had planned to travel to Richmond, outside Hobart, via Bay of Fires, Ross, Bicheno and Mole Creek.
"Our initial investigations suggest there are no suspicious circumstances but further forensic examinations will now take place as is the usual process and a report will be prepared for the coroner," Inspector Manhood said.
It's understood Ms Kang had been regularly sharing updates during their trip but ceased communications on Tuesday afternoon, raising alarm bells.
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