Statue of Liberty Boat Tragedy: Woman and Infant Dead After Vessel Capsizes

Two people died -- including a 5-month-old girl -- and 12 others plunged into the waters near NYC's Statue of Liberty after their boat capsized Saturday night, according to law enforcement.

NYPD sources tell TMZ ... the terrifying incident occurred off the coast of Liberty Island in New York Harbor, where the world famous monument stands ... 14 people were on the boat that suddenly overturned, causing them to be thrown into the choppy waters.

Our sources say NYPD Aviation and Harbor Units quickly responded, along with a scuba diving team, after receiving a call for an overturned vessel.

We're told a 27-year-old woman and a 5-month-old girl were pulled from the bay in critical condition. Our sources say the two were later pronounced dead at a hospital in Brooklyn.

The good news is ... NYPD rescued the other 12 people from the bay, and they were taken to a local hospital with non-life-threatening injuries.