In a statement, police said emergency services received reports from the public just after 5.30pm on Sunday that two men swimming in the river near Awapuni were missing.
A search was launched, and the men's bodies were recovered "a short time later at a nearby location", police said.
The latest drownings come four days after a 25-year-old woman and 11-year-old girl went missing while in the water.
The body the 11-year-old was recovered on December 31 and last night police recovered another body, believed to be of the woman who went missing with her.
Police said formal identification has yet to take place. They extended their condolences to the woman's family and loved ones.