It is not entirely clear what sparked the fisticuffs, but a riverside source said one beaver was heard shouting, 'Frankly my dear I don't give a dam...'
The extraordinary footage, captured by Colin Black, shows the two beavers tussling with each other and wrestling in the water near a river bank.
Although the battling pair looked as if they were locked in mortal combat, the sparring is all part of they way that Beavers interact socially, according to experts.
Mr Black said, "It was like watching two humans wrestling.
"It's very rare to even see that behaviour in the first place, let alone catch it on camera."
The footage was captured in the Tayside region of Scotland where the beaver population has slowly been increasing over the last fifty or so years.
"Beavers actually used to be native to Scotland but they were wiped out.
"They've been slowly reintroducing them to the area," said Mr Black.
Mr Black, who was on a photo trip to see the beavers in August said, "I knew of a family of beavers living in a lodge, which is a kind of a beaver settlement, so I set around watching them.
"At around five or six in the morning these two beavers came out and they began to tussle.
"It looks quite vicious but I've been told by the Scottish Wild Beaver Group that it's actually a form of social interactive behaviour between them, and it's rarely seen behaviour."