A man has died and a woman has been saved by rescuers after their canoe overturned in Melbourne’s Yarra River.

Police say the pair’s canoe capsized in rapid waters in Dights Falls in Abbotsford about 1.30am on Wednesday.

Emergency services including police, paramedics, firefighters and State Emergency Service members arrived to find a 46-year-old woman in the water.

She was rescued and then taken to hospital for observation.

A 29-year-old Rowville man’s body was retrieved from the water.

An investigation into the incident is ongoing, police said.