Chiquito Creek Falls is located along Chiquito Creek, near the Sweetwater Campground.
The search is taking place around Mammoth Pool in the Sierra National Forest.
The missing man is in his mid 40's, and jumped into the water to rescue his puppy but both were swept under.
A CHP helicopter is assisting in the search and a swift water rescue team from Yosemite National Park has been called to the scene.