A former RNLI crew member was returning to Crosshaven in his trawler when he spotted the two young men.
The pair had lost one of their paddles, had no lifejackets and water was swamping their inflatable.
The crew of the trawler rescued the hypothermic men and brought them to Crosshaven RNLI station where they were treated and advised that they should attend hospital.
The men declined the advice and eventually were able to leave.
The inflatable was destroyed at the station.
Crosshaven RNLI say inflatable boats have no place on the sea and that the men may never have been found if they had not been spotted by the trawlermen.
