Emergency services were called to Bracklinn Falls in Callander, central Scotland, on Thursday at about 11.30am.
One woman was rescued and a second woman died at the scene, Police Scotland said.
A spokeswoman said: "Police in Forth Valley responded, along with other emergency services, to the Bracklinn Falls area of Callander following reports of two women experiencing difficulty in the water.
"While one of the women was safely recovered, the other was sadly pronounced dead at the scene.
"Inquiries into the incident are continuing."
It is understood the woman rescued from the water is receiving treatment at Forth Valley Royal Hospital in Larbert.
No details of the women have been released.
The Coastguard and the Scottish Fire and Rescue Service assisted at the scene of the incident.