The lost city of Heracleion/Thonis lies in about 10 metres of water in Aboukir Bay, roughly 30 km east of Alexandria. The site is not currently open for diving — the underwater excavation is still active and largely off-limits to amateurs — but a representative selection of recovered objects can be seen at the Bibliotheca Alexandrina and (when it is open for the relevant exhibition) the Graeco-Roman Museum.
A traveling exhibition of Heracleion finds — 'Sunken Cities: Egypt's Lost Worlds' — has been touring international museums since 2015 and remains one of the most spectacular underwater archaeology shows ever assembled. Check the Bibliotheca's current exhibition list before visiting; the artefacts rotate. The site itself is best approached as something to know about while visiting the inland and underwater sites that are open: it puts Alexandria's submerged royal quarter and the Heracleion finds together as parts of the same drowned-coast story.