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The men were both pulled from the water by lifeguards, however one of the men suffered a cardiac arrest before ambulance crews arrived.
The man was transferred to Gold Coast University Hospital in a critical condition but passed away shortly after.
The other man remains in a stable condition.
Lifeguards said the incident could have been avoided.
“This is the second incident on Gold Coast beaches in a week,” Queensland Ambulance Service Senior Operations Supervisor Adam Flory said.
“This is an incident where lifeguards told the pair to get out of the water 10 minutes before the incident happened.”
Moments later, another person was pulled from the water at Burleigh Heads, sparking warnings from lifeguards to take safety messages seriously.
Beach-goers are urged to only swim in patrolled areas and to stay between the flags.