The Mounties said the missing hunters were spotted by RCMP searchers in a helicopter, in the water in a remote area of Lake Winnipeg.
Police said the second ATV wasn’t found, and investigators believe it’s in the water.
Autopsies will be performed, police said.
Police said the men, 60 and 73, set off from a larger hunting party that had been camping at Long Point on ATVs around 3:30 p.m. Sunday.
One of the ATVs was found, but there are no other signs of the men, who are from Winnipeg and known to be experienced outdoorsmen, said RCMP.
Police said the temperature dropped to three degrees Celsius with rain overnight.