Two experienced paua fishermen, aged 23 and 26, had headed to the nearby Bird Island when one was swept off a sandbar, caught in the rip and dragged out to sea shortly after 1.30pm on Saturday, Search and Rescue chairman Martin Balch said.
The second man was swept off the sandbar when he went to assist his friend.
The pair were rescued about 5pm by lifesavers from the St Clair Surf Lifesaving Club in an inflatable rescue boat from the St Kilda Surf Lifesaving Club.
One man had been carried about 500m out to sea but had managed to get within about 100m of Bird Island.
Wearing wetsuits, the men kept afloat by treading water and swimming.
The Otago Regional Rescue helicopter was sent to the scene, but stayed on standby as the men were rescued by the lifesavers.
Earlier this month, three men in a two-person inflatable dinghy were caught in the rip and swept out to Bird Island.
One then swam to shore to raise the alarm and the other two, aged 21 and 22, were winched from the top of the island by the rescue helicopter.
The two rescues are the latest in a long line of incidents in and around Smaills beach and the island, a known trouble spot.
Mr Balch yesterday reiterated a warning about the dangers of the waters near the island.
Making the area around the beach and island a no-go zone would not achieve anything as those who wanted to would still head into the water, he said.
He advised that before using the water for recreational purposes, people should check the conditions and seek local knowledge.
Senior Sergeant Mel Aitken, of Dunedin, said the pair were lucky police received the emergency call from someone who could see from their home that the men were in trouble.
Neither man rescued on Saturday was injured, although they were hypothermic from more than three hours in the sea, for which they were treated by St John staff at the beach.
"By all accounts, Smaills beach is not an ideal place for getting in the water. It gets pretty rough out there.
"I would advise people to choose their water use spots more carefully. They are just putting themselves and those rescuing them in danger," Snr Sgt Aitken said.
The men declined to give their names to the Otago Daily Times and police would not provide details yesterday.
