Another teenage boy was rescued and is receiving treatment.
The two family members who drowned in Co. Donegal on Thursday are believed to be from Germany and had only recently arrived in the area.
A man in his 40s and his two teenage sons were fishing in Lough Keel, near Kilmacrennan, yesterday afternoon.
The father and one son tragically died, while another other boy was rescued and is being treated in Letterkenny University Hospital.
A search operation for the family began shortly after 3pm on Thursday.
It is believed that one member fell into the water and another went into help him while the third remained on land.
Community in shock.
Local councillor Michael McBride said the community is in shock.
“I understand it is a German family who moved to the area in the last number of weeks,” he said.
“First of all, I would like to offer my condolences and, I believe, the condolences of the local community to the family.”
Councillor McBride said the lake provides the majority of the local water supply and may have been at a lower level than normal due to recent dry weather.
“It is not an area or a lake that you would associate with many tragedies,” he said. “I think there was one person drowned there in the past that people can remember.
“It is a big shock and I suppose, when the news broke, we were all wondering if it was somebody local but unfortunately for the family involved, they must have gotten into difficulty while they were out fishing.
“I am sure they were just trying to make a new start in life and it just happened so quickly.”