Two Caves combines a reef with two caves and the remains of a recent wreck. The official Cocos tourism listing identifies the wreck as a 'sunken Sri Lankan boat' that was carrying refugees, and gives the range as 14–25 m. The Cocos Islands lie on the sea route from Sri Lanka to Australia, and boats carrying asylum seekers arrived here repeatedly in the 2010s; this boat's remains were subsequently wrecked or scuttled on the reef, and the wreckage is now spread across the floor.

The site is not a classic intact wreck: the timber hull has broken up, and what remains is a scattered debris field, with the engines being the most recognisable component and a good section of hull preserved underneath them where the weight has pinned it to the seabed. Coral and fish have colonised the wreckage, and reef fish shelter among the timbers and machinery. The reef around the wreck gives the site its name: two caves in the reef structure, which are the other point of interest on the dive and host fish that shelter in shade, and sometimes resting whitetip sharks.

The reef itself is healthy northern-rim hard coral at moderate depth. The human context is sombre and divers should treat the site with respect; the boat is a reminder of the islands' place on the edge of Australia's maritime border. As a dive it is relaxed and moderate in depth, suitable for Open Water divers, and it is usually combined with the other northern-rim sites on a day ending at Direction Island.

The public record of the vessel's name, date and how it reached its present position is thin; details should be confirmed with Cocos Dive. Penetration of the wreck is not possible – there is no enclosed structure left – and the caves should only be entered as far as daylight reaches, with a guide.

Fly to West Island on the twice-weekly Virgin Australia service from Perth (usually routed via Christmas Island; allow 7–10 days on the islands to absorb weather and flight delays). Cocos Dive collects divers from West Island accommodation in the morning (pickup around 8 am, departure about 9 am) and runs its boats from West Island into the lagoon. These sites lie along the northern rim of the atoll near Direction Island, at the north-eastern side of the lagoon around Port Refuge.

The boat crosses the lagoon from West Island to reach them, and they are conveniently paired with the lunchtime surface interval on the beach at Direction Island (eco toilets and shelters, no shops). Live-boat drops or moorings; no shore access.

Cocos has two seasons. The south-east trades blow steadily from roughly April/May to October, often 15–25 knots, which chops up the lagoon and pushes swell onto the eastern and southern outer reefs; divers are then kept to sheltered sites. The doldrum season (November to March/April) brings lighter, variable winds, flatter seas and the widest choice of outer-reef sites, and is the best time to dive, though it is also the tropical cyclone season and squalls pass through.

The northern-rim sites near Direction Island catch tidal flow through the passage at Port Refuge; the incoming tide brings clear ocean water and upwelling along the drop-off, the outgoing tide carries lagoon water out and lowers visibility. In strong south-east trades the lagoon crossing is choppy and wet but these sites are partly protected by the atoll; big northerly swell, uncommon, closes them.

Descend onto the reef near the wreckage at about 15 m. Look at the engines and the hull section beneath them first, then follow the debris spread across the floor, and visit the two caves on the reef that give the site its name. Finish by ascending across the reef top and complete the safety stop.

Cocos Dive (Dieter Gerhard, West Island, operating since 1990) is the only scuba operator on the islands and the only way to dive this site. It runs seasonal two-dive day trips with lunch and a surface interval on Direction Island, maximum 10 divers per trip; sites are chosen on the day according to wind, tide and diver experience. Trips book out well ahead and courses are currently suspended, so arrive certified.