UPDATE: POLICE are working to identify a 39-year-old man who died while competing in the ironman event at Mooloolaba this morning.

The man was pulled from the water during the swim leg while competing in the Ironman 70.3 .

Ironman Asia Pacific CEO Geoff Meyer told the ABC that the 39-year-old man suffered a suspected heart attack during the swim stage about 7:30am.

"It's been a real tragedy we have had a death in the swim today," Mr Meyer said.

"I've been with the family all morning. We've been helping them as much as we possibly can."

Paramedics responded at 7.15am and performed CPR but the man was unable to be revived.