Duty officer Sebastien de Paula said it was a "very traumatising and sad" incident.
"There were lots of people around, the markets are on, it's a particularly busy day," he said.
"(The swimmer) was assisted by another man who raised the alarm (to lifeguards).
"Conditions are particularly unstable with lots of rips outside the flagged area."
It is the third drowning in the past 24 hours.
A man in his mid-twenties drowned after being pulled from the waters of a popular swimming hole near Cairns at 5.10pm Saturday.
Surf Life Saving Queensland extended thoughts and sympathies to the Peregian Beach swimmer's loved ones.