Devon and Cornwall Police said the first man, a 28-year-old, was pulled from the water shortly after emergency services arrived at the scene.
He was very cold but was otherwise uninjured. Officers said there are "serious concerns" for the welfare of the second man - and searches continue.
Video from Speedingtube
A major search is underway for a man who is missing in a river.
Police were called to reports of two men in the water near Malpas in Cornwall at around 7am.
One has been rescued but the search is still on going for the second.
Search on going at Malpas Road, #Truro after reports of two men in the water. One man rescued, one remains missing. Malpas Road closed.
Malpas Road is closed in both directions between A390 Tregolls Road / B3284 St Austell Street / St Clement's Hill (Trafalgar Roundabout) and Pendeen Road.
The headmaster of Truro High School for Girls has praised his students and staff after they were evacuated this morning due to bomb threats.Read the full story ›
"Following information about a perceived threat a small number of schools in Cornwall evacuated their pupils in accordance with their agreed procedures. The threat was quickly found to be non existent and pupils have returned to their classrooms."
Parents of girls who attend Truro High School for Girls were sent home with a letter today, informing parents of the bomb threat.
At 08:10 this morning the School received a telephone call informing us that an explosive device had been placed at the school. We took the decision to evacuate the buildings and await the arrival of the police.
The nursery building was searched first and those children were allowed to return inside along with our own Pre-Prep classes. The older girls were kept warm and dry elsewhere while police teams combed the site, working alongside our own senior staff and estates team.
All buildings were declared safe shortly after 9.30am and the girls were allowed to return to School. Special assemblies were then held to explain the situation to the pupils. Staff are on hand to assist any girls who may have further questions or concerns.
Officers praised the School's response to the call and have advised us that we are one of four schools in Cornwall affected by such calls this morning.
Hundreds of pupils were evacuated after four neighbouring schools received coordinated security threats.
St Ives School and Humphry Davy School in Penzance, and Truro High School for Girls and Penair School in Truro, made the decision to ask pupils and staff leave.
Police say the schools received the warning at around 8am but, by 9am, police said they found no threat or risk and buildings were able to reopen.
Head teacher of Humphry Davy School, Bill Marshall, applauded staff and students alike for their reaction to the scare.
I would like to commend all of our students and staff for reacting in such an impeccable way, especially given the really poor weather.
We acted on information given at 8:30am and after finding that there was no issue the pupils returned to their class rooms, I really must thank everyone for their co-operation.
In London four schools were also evacuated this morning following calls about "suspicious devices" being left at each of the premises.
A spokesman from the Metropolitan Police Service said the incidents were being treated as "malicious communications".
In the West Midlands a further six schools were reportedly evacuated following bomb threats today.
It comes a week after similar threats were made at four different schools in the Black Country, and four in Bristol last week.
Tough new guidelines have been introduced, warning people they should be drinking less to reduce long term health damage caused by alcohol.Read the full story ›
There is disruption on the Great Western Railway between Truro and Falmouth Docks after a train hit an obstruction on the line.
It means fewer trains are able to run - with possible delays, alterations and cancellations.
Passengers are being taken by road between Truro and Falmouth Docks in both directions until further notice.
The problems are likely to continue until 8.30am
An inquest is due to open in Truro more than two years after the death of a power worker who fell from an electrical pole.
Ryan Thomas from Grampound Road died when the pole collapsed while he was working for Western Power Distribution in Cawsand. The hearing is due to last two weeks.
A bus lane in Truro that cost £60,000 to install is to be scrapped, less than a month after it opened.Read the full story ›