The two men were recovered unresponsive from the water after their 42-foot fishing boat 'Hayley Ann' sank in the frigid water off Maine, Portland, Thursday.
The US Coast Guard received a distress signal from the Hayley Ann at about 12:23 p.m., while about 45 nautical miles southeast of Portland, local media report.
Two air crafts and two helicopters from Air Station Cape Cod headed to the scene where they found a fishing vessel sinking and an empty life raft.
Shortly after, they discovered two people in the water who were confirmed unresponsive.
The fishing vessel 'Ella Christine' arrived on scene to assist and recovered the two men from the water, USCG informed.
The cause of the incident is under investigation.
In a separate case, the body of one fisherman was recovered by the fishing vessel 'Lady Brittany' off Nantucket.
The fishing vessel reported a man overboard in the afternoon hours of Tuesday, about 50 nm off Nantucket.
The vessel was able to recover the victim, but the man was pronounced dead upon arrival to port.