The 12-year-old lad was attacked by the beast as he swam with a group of people.
Adults tried to spear the monster so he would release the child - but the croc swam away from them.
Cops are today still searching for the lad and the scaled beast after the attack at Port Bradshaw, 50 miles south of the town of Nhulunbuy in the Northern Territory.
Police Superintendent Michael White said: “Initial reports suggest adults within in the group tried to save the boy by spearing the animal, but the crocodile dragged the child out to deeper water.
“Officers from Nhulunbuy Police Station are currently at the scene of the attack and searching for the boy and the crocodile."
White said the tragic incident highlighted the dangers of swimming in waterways in northern Australia.
The latest attack comes just two weeks after a seven-year-old girl was feared killed by a crocodile at a waterhole about 210 miles east of the city of Darwin, capital of the Northern Territory.
Police shot dead a 10-foot crocodile and an examination of the animal revealed what were believed to be human remains in its stomach.
Saltwater crocodiles, which can grow up to seven metres long and weigh more than a tonne, are a common feature of Australia’s tropical north.
They have been protected since the 1970s and their numbers have increased steadily since, along with the number of human encounters.
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