The famed surfer passed away Sunday following a shark attack in Oahu, Hawaii ... as Tamayo's body was found by local surfers off Mālaekahana Beach. According to Stab Magazine, TP's arm and leg were missing when they recovered his body.

Honolulu's emergency services say a bystander actually witnessed the attack near Goat Island on Oahu's famed North Shore.

Tamayo -- who also worked as an ocean safety lifeguard -- was reportedly taking a break from his duties when the incident occurred around 1 PM.

Authorities confirm Tamayo was pronounced dead at the scene ... with Honolulu Mayor Rick Blangiardi later praising the late surfer as "a legendary waterman." Tamayo famously won the Pipeline Masters surfing competition in 1999.

Kurt Lager, Honolulu ocean safety chief, expressed a similar sentiment ... adding that "Tamayo’s personality was infectious and as much as people loved him, he loved everyone else more."

In addition to his role as a buccaneer in "Pirates of the Caribbean: On Stranger Tides," Tamayo had small roles in the sports-romance flick "Blue Crush" and on the CBS reboot of "Hawaii Five-0."

Tamayo is survived by his wife, Emilia. He was only 49.