A water rescue is under way in Queenstown after a pair of skydivers crashed into Lake Wakatipu.

A police spokeswoman said it received reports of two skydivers landing in the lake about 1.40pm.

Police were travelling to the area, which was near the Jacks Point settlement.

Coastguard, a water taxi and other emergency services were involved in the rescue. The Harbourmaster had also been alerted.

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Nzone Skydive operates a commercial tandem skydiving operation in the area.

An Otago Daily Times reporter at the scene said a Queenstown Coastguard vessel and two water taxi vessels were in the area, while a helicopter and two Nzone planes were flying above that part of the lake.

Nzone Skydive business development manager Derek Melnick told Fairfax he was aware of the skydiving incident.

"We reported to the authorities and they are attending ... now," he said.

The company also made news headlines in January last year after two of its instructors were seriously injured during a tandem training flight.

Sasa Jojic and Sasa Ljaskevic, both originally from Serbia, were hospitalised after performing a "dangerous" manoeuvre.

WorkSafe has been notified of the recent incident.

More to come.

Search and rescue operation taking place on Lake Wakatipu after two skydivers crashed into the lake. Photo/James Allan
Search and rescue operation taking place on Lake Wakatipu after two skydivers crashed into the lake. Photo/James Allan
Coastguard, a water taxi and other emergency services were involved in the rescue at Lake Wakatipu. Photo / File
Coastguard, a water taxi and other emergency services were involved in the rescue at Lake Wakatipu. Photo / File