The bodies haven't been formally identified, but officials believe the pilot is 26-year-old Alex "Jim" Rae, the Australian Broadcasting Corp. reported.
Authorities said they believe the pilot was taking a French tourist on a pleasure flight Monday when the vintage biplane hit the water near the Couran Cove resort on South Stradbroke Island at a high speed.
Salvage teams and rescue divers found much of the wreckage of the plane washed ashore, the Australian Broadcasting Corp. said.
The Australian Transport Safety Bureau is investigating the cause of the crash.
Swim Week Miami Beach 2014 [PHOTOS]