The crash happened Friday night around 11:30pm in the 500 block of Taylor Street, just off the Dan Ryan Expressway.
A witness, Marisa Bresnahan, said the driver of the SUV ran a red light and slammed into the ambulance, forcing it onto its side.
Bresnahan said the ambulance came to stop after nearly hitting her vehicle.
"It was scary only because the street was quiet and they had the green light," said Bresnahan.
"They had their sirens going, so they were coming right through and that car didn't pay attention at all and just hit right into them."
Rescue workers on the scene managed to pull the two paramedics, a male and a female, from the overturned vehicle.
They were taken to the hospital in stable condition.
The driver of the SUV was not injured in the crash.
So far, no charges have been filed.