A rescue chopper crew in action where the divers were spotted. (Supplied: Queensland Police)

Two divers have been rescued after spending more than 20 hours lost at sea off the south-east Queensland coast.

Police and emergency services were alerted on Saturday morning that two divers, a 45-year-old Victoria Point man and a 43-year-old Robina man, had failed to return to a boat near Point Lookout on Stradbroke Island at the expected time of 9:15am.

A search and rescue operation involving multiple authorities began at 10:30am.

Just before 7am on Sunday an Australian Maritime Safety Authority (AMSA) Challenger aircraft jet found the men drifting about 2.2 nautical miles east of Main Beach at the Gold Coast.

They were about 14 nautical miles or more than 25 kilometres south of where they had first been reported missing.

A life raft was deployed, and water police provided assistance before the men were airlifted to land by the Surf Life Saving helicopter in a stable condition.

Police said both men have been returned home safe and well.