Yahye’s body was recovered from the sea at Sunny Sands in the Llanaber area on Friday morning.
The other body was found shortly after 14:10 BST on Saturday.
North Wales Police and other emergency services, including the Barmouth inshore lifeboat, were called to a section of the coastline between Sunny Sands and Cae Daniel where they recovered the body of a male from the sea.
He has yet to be formally identified however police have notified Waseem’s family.
Earlier, the body washed up on Friday was identified as being that of Yahye.
Insp Andy McGregor, of North Wales Police, said: “Yesterday evening Yahye was identified by family members and our thoughts are very much with them at this time.
“They are being supported by specialist family liaison officers and we hope you can respect the family’s privacy at this very difficult time.”
His death is not being treated as suspicious.
The boys were part of a group of about 500 people from the Somali and Yemeni communities in Birmingham who were visiting the area on Sunday, 7 August.
Emergency services were called to the beach after one of the boys was seen to “disappear under the water”.
People tried to help them but the wind and waves were said to have been too strong.