One of the boats involved in the accident last evening in the Upper Berbice River was transporting marijuana.
At least four men are missing following the collision which occurred at around 18:45hrs.
They have been identified as Julian McKenzie, Kidman Lindy, Freeman Denheart and his son Romario Denheart.
They were all occupants of a small wooden boat.
The other vessel, which had five occupants, was transporting the illegal substance.
The Guyana Police Force revealed that the boat carrying the drugs was proceeding north along the Berbice River while the other vessel was proceeding in the opposite direction.
In an effort to avoid a collision, both boats reportedly veered to side, resulting in the smash up.
Reports indicate that the occupants of the boat carrying the drugs managed to reenter their vessel and fled the scene.
So far, four occupants of the vessel, including the captain, have since been arrested. Police are on the hunt for the fifth occupant.
They were found in possession of 32 taped parcels of suspected cannabis which when weighed amounted to 36.97 kilograms.