The men were using a kayak to stay afloat after their boat sank.
According to the cruise line, Carnival Jubilee's team rescued the men off the coast of Isla Mujeres, Mexico.
The crew spotted the two men in a kayak and brought them on board, where medical staff evaluated them and gave them first aid and food before dropping them off on land.
Photos from Carnival show the Jubilee crew pulling the men to safety.
Carnival Jubilee continued with its regular schedule, the cruise line said.