An LED underwater light, which can be hand-held or mounted on an underwater camera housing, is switchable between two light modes. A first embodiment of the dive light is a focus light, used for initial focusing with a still underwater camera. Incorporated in the focus light is a red light source to which the focus light can be switched from initially projected white light. The switch is used to switch off a series of white LEDs while switching on a series of red LEDs. In another embodiment, the dive light is a flood/spot light, or with another two types of selectable LED arrays, and enables a diver to quickly switch between two types of light projection. Another feature is a laser beam projecting device within the housing, with a momentary switch on the housing to power the laser, as for pointing out underwater objects of interest, the laser beam being projected to the same area as the spot beam.