Inspector Kate Scott at Cambridgeshire police said officers were called to the scene of the skydiving collision near Peterborough at 3.42pm by the ambulance service to "reports of a mid air collision involving two parachutists".
The incident is being investigated by the British Parachute Association.
All emergency crews worked very hard together to try to save the life of one of the men involved but despite the best efforts of crews he was sadly pronounced dead at the scene.
Our sincerest condolences go out to his family and loved ones. We wish the second casualty all the best for a good recovery.
More top news
The family of a wealthy British man has claimed he was murdered by his Ukrainian bride in Kiev so she could inherit his fortune.
Medics and flight crew had been rescuing an injured skier when they crashed in the region of Abruzzo.
A story of two halves