The SES were called out after a boat capsized in Lake Wendouree last night.
It’s believed a man and a woman got into trouble while fishing about 8pm, climbing onto a nearby pontoon and calling for help.
SES crew members headed out to rescue them in a dingy as police and paramedics assembled nearby, bringing them to shore about 9pm.
The pair, a man and a woman believed to be in their 20s, were treated at the scene but declined to go to hospital.
Both were wearing life-jackets.
“They’d been out there awhile and it was pretty cold … we wrapped them up in blankets,” SES members said.
“You don’t realise how big the lake is until you’re out there.”