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They were Australian residents Brett Alexander Lentfer (62) and James Harry Spaile (44).
The pair had been roped together when they fell about 11.45am, Sergeant Steve Watt, of Queenstown, said.
In a statement, police said the pair ''fell from the side of a cliff face''.
Aspiring Guides general manager Jess Marriot confirmed there had been a ''serious incident'' involving ''one of our parties'' yesterday.
Alpine Rescue team member Chris Prudden said the area of the incident was ''a very steep mountainside''.
Mr Prudden said he was guiding clients at Lake Alta, just below the traverse, when the incident happened.
One body was recovered yesterday and the second was recovered this morning.