Family and friends are grieving the tragic loss of two much-loved Streaky Bay residents.

Elizabeth Peters, 67, and Aida Hunt were fishing on Tuesday morning when it’s believed Hunt was swept out to sea.

Her longtime friend, Peters, jumped in the water to help but both women drowned and their bodies were recovered near the fishing site.

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Peters’ sister, Emma Baggio, said she was proud of her sister’s brave act.

“She was doing her best to save the life of a friend,” she told 7NEWS.

Elizabeth Peters and Aida Hunt tragically drowned at Streaky Bay on Tuesday. Credit: Supplied.

Peter’s niece, Karen Dodge, said: “She would just don’t think twice, she just went there to save her friend, and I wish they could have made it back.”

Peters, a former resident of the area, returned to Streaky Bay to visit Hunt.

On Wednesday, Elizabeth’s husband remains in shock of her death and remembers fondly about teaching his wife how to fish when they first met in the Philippines.