The incident took place at 11.50 AM when the two friends entered the sea from the Silver View building situated at J P Road in suburban Andheri, Ravindra Pawar, senior inspector of Versova police station said.
The deceased, both residents of Saki Naka area -- Uma Sharma (20) and Santosh Yadav (21), were pursuing B.Com.
Later in the afternoon, their bodies were fished out, Pawar said.
Police said no suicide note has been found.