Two people are feared dead after a vintage Tiger Moth plane crashed into the sea off south-east Queensland.

It is believed the pilot was taking a French tourist on a joy flight when the biplane came down just after 12:30pm yesterday near the Couran Cove resort on South Stradbroke Island.

A lifesaver raised the alarm after seeing the aircraft hit the water at high speed.

Police salvage teams and divers have found the wreckage of the plane but there is no sign of survivors.

"We've already been conducting a search in the area and the on-scene commander has informed me it's now in the recovery phase," Senior Sergeant Lucas Young said.

Police say the cause of the crash is not known.

The Australian Transport Safety Bureau will head the investigation into the accident.

It is the second plane crash off the Gold Coast involving a joy flight in recent years.

Pilot Barry Hempel and his passenger Ian Lovell were killed when a Yak 52 warbird crashed into the sea on August 31, 2008.