The head of the rescue service at Cascais port near Lisbon, Rui Pereira da Terra, told the Lusa news agency that it was suspected that couple had been taking a selfie on a wall above the beach.
They were found early on Tuesday morning by a worker cleaning the beach at the resort, which is popular with surfers.
Authorities in Portugal are investigating whether they'd been taking a "selfie" after a mobile phone was found at the bottom of the cliff.
One of the pair is Australian, but it isn't yet known who.
Another newspaper, the Jornal de Notícias, said fishermen had discovered a "horror scene" when they came across the bodies about 6.30am.
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The man is thought to be in his 40s while the woman is said to be in her 30s.
A Department of Foreign Affairs and Trade spokesman said it 'is providing consular assistance, in accordance with the Consular Services Charter, to the family of an Australian who died in Portugal. "Only when they got closer did they realize that it was a dead couple and they were shocked with what they saw", the paper read.
The town of Ericeira, 30km from the Portuguese capital, is a popular surfing spot.
It was not the first time that tourists had fallen off the wall.
The Foreign Office confirmed the woman involved in the tragic accident was British, and told The Telegraph: "We are in touch with local authorities following the death of a British woman in Portugal and are providing support to her family'".
Praia dos Pescadores, or Fishermans Beach, is surrounded by cliffs and a 40-metre high wall.