It happened around 1:30 p.m. at Deep Creek Lake near Rock Lodge Road in McHenry.
Police say Thomas Soberdash, 47, of Dunbar, Pa., and Robert Ebbert, 47, of Fairfield, Iowa, were ice-fishing when they fell through the ice.
When officers arrived they say the men were about 250 yards from shore in the icy waters. Two officers on the scene put on exposure suits, tied ropes to their suits and headed out onto the ice to rescue them.
The first officer got within 15 feet of the victims, threw a line to them and assisted the men to shore.
Officers say the two men were in the lake for about 20 minutes and the men say they did not think they would have lasted much longer.
Officers say the two men were taken to Garrett Memorial Hospital and are in stable condition.