A NEARBY tinny operator pulled a man in his 70s from the water near Rainbow Beach and tried to resuscitate him.
A Queensland Ambulance Service spokesman said the man was found in the water about 3km off Carlo Point about 12.10pm.
He said the man in the tinny performed CPR before returning to the Carlo Point boat ramp where he was met by paramedics.
Paramedics also performed CPR on the man but were unable to revive him.
The man was pronounced dead at the scene.
Hervey Bay Water Police Senior Constable Marty Webb said the man was fishing with his son when the boat sank.
Police are investigating.