Two brothers, aged 15 and 13, and their female cousin, 15, were on holiday when a rope holding their parachute snapped, the Greek coastguard said.
The 13-year-old boy and 15-year-old girl died while the older boy is in a “serious condition with multiple injuries” in a hospital on the island.
Two people connected with the speedboat have been arrested.
The trio were being towed by a speedboat when the accident happened on Wednesday at around noon local time and are said to have been found on rocks near Lindos, on Rhodes.
Their bodies were found by members of the coastguard and the fire department who had been contacted by the person who controlled the boat, the Greek coastguard spokesman said.
“It is under investigation about how the rope was cut,” he added.
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