One British man was pronounced dead at the scene on Wendesday evening and the other was airlifted to hospital in Alicante where he died of his injuries on Thursday morning, Spanish news agency Efe reported.
The pair, who were reported to be British and in their 20s plunged over the railings off an espalanade at Punta Prima, a popular tourist spot with great views overlooking the beach near Torrevieja on the Costa Blanca.
They fell onto the roof of a lifeguard post around 10 metres (30 feet) below the railings at around 7.30pm on Wednesday.
A friend who was with them and who watched the pair fall was reported to be treated for shock at a nearby hospital before being discharged.
Police sources reported in Spanish newspaper El Confidencial said it appeared the fall occurred while the two young men were taking pictures of themselves but insisted “it is too early to speculate on exactly what happened, we are at the beginning stages of the investigation.”
Police said they would be talking to the surviving friend to build up a better picture of what happened.
The British Embassy in Madrid could confirmed the deaths. “We are supporting the families of two British men following their deaths in Alicante, and are in contact with the Spanish authorities," an FCO spokesperson said. "Another British man was involved in the accident, and we are also providing assistance.”
The death comes just days after a woman was killed at a popular sunset point in Mallorca when the boulder she was sitting on with her boyfriend broke away and crushed her to death.
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Updated at 15.00 on Thursday July 4th.