The capsized boat was reported in Lake Michigan near 6500 S. Promontory.
The two boaters were students from the University of Chicago sailing club, police said.
Both were wearing life vests and clung to the boat until the harbor master was able to rescue them and tow their boat back to the dock.
The Chicago Fire Department boat and the Chicago Police Department boat were at the scene but were not needed.
Authorities say the boaters were not injured.
