They were 11-year-old Luti Maui Mafi and 10-year-old Paul Mason Lloyd.
Police had said a group of children were playing and fishing on the Tarawera River bank when it collapsed and trapped the boys last Thursday.
"Two police officers on arrival swam across the river and attempted to locate and dig for the boys with their bare hands."
"They were soon joined by volunteer fire brigade staff who roped down the cliff area with equipment."
Despite the efforts, the boys were found dead.
Inspector Phil Gillbanks had said police and fire brigade staff did everything they could to find the boys in what were perilous circumstances.
"This was extremely tragic and sad, and we feel for the families."
A Kawerau rafting operator who had tried to help with the rescue, said the area was a popular swimming spot for children
Kawerau mayor Faylene Tunui sent condolences to the families of the two young boys, saying the tragedy was every family's worst nightmare.
Local kaumatua have performed karakia and a rahui has been placed on the Tarawera River.
Police said the deaths would be referred to the Coroner.
