The avalanche occurred at around 2pm on Sunday. The two men, both from Tyrol, were ski touring off-piste on a northern-facing ridge in steep terrain when a ledge of snow broke off at a height of 3,280 metres and swept them away.
The older man (44) was not deeply buried in the snow and could be dug out quickly by a rescue team. He was flown to hospital and is in a stable condition.
It took hours to find the younger man, who was more deeply buried, and his lifeless body was dug out late in the afternoon by a mountain rescue team using specially trained sniffer dogs.
There was also an avalanche alarm in Tyrol's Kaunertal valley on Sunday, but nobody was injured.