The victims were snorkelling at about 10.25am Australian time in the Hook Passage, off Airlie Beach, when the incident happened.
The BBC reports one of those involved, a 28-year-old, had their foot bitten off while a 22-year-old suffered serious leg injuries.
A Queensland Ambulance Service helicopter took the patients to Mackay Hospital, where they are in a serious but stable condition.
“Our first thoughts are with the two people involved in the incident and their welfare, as well as the other passengers and crew on the boat,” a spokesperson from Tourism Whitsundays said.