Officers found a 12-year-old 20 to 30 yards out on the ice, and another child close to the shore, according to WKOW.
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The child close to the shore was quickly pulled to safety, while bodycam footage shows officers pulling the other boys to shore using a ResQ disc.
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Chief of Police Keith Klafke issued a statement on Facebook praising the actions of the officers, saying they "prevented a tragedy."
"I wanted to show a portion of the body cam video to stress the dangers associated with unpredictable-never safe ice conditions on the river, the significance of this event, and the great work our officers do," Klafke's statement read.