The two men failed to surface after a dive this morning.
The alarm was raised by the men's boat crew at around twenty to ten this morning.
One of the men was airlifted to Cork University Hospital but efforts to resuscitate him failed.
They had been diving around a submarine wreck – 4 miles South of Castlehaven, near Baltimore.
The Naval Service has been requested to assist in the search and the LE Aisling and the Naval Service Diving Section are on their way to the scene.
Conditions in the area have been described as good with good visibility.
Coastguard spokesperson and Kilsheelan man Declan Geoghan says they got the call at 9.40 this morning following which the Shannon based rescue helicopter was called to the scene.