The accident happened when one of the men, in his seventies, started to struggle while bathing in the popular resort of Varadero, a short distance from the hotel where he was staying.
The other man, in his sixties, is believed to have drowned while attempting in vain to rescue the older man.
“I can confirm that two Swedes drowned on Sunday afternoon,” said Anna Romboli at tour operator Apollo to The Local.
“The information I have is that there was a red flag in the area in which they were swimming, and that there were heavy currents.”
Around 150 Scandinavian tourists were staying at the resort at the time.
The men’s bodies are expected to be returned to Sweden.
“Both men were insured and the foreign ministry is helping the travel and insurance companies make the necessary arrangements,” said Kent Öberg
at the Swedish foreign ministry.