Oban Lifeboat was called out after two men went overboard from a sailing dinghy in Loch Etive.
Stornoway Coastguard said that an onlooker saw them from the shore and raised the alarm at 2.05pm.
A coastguard spokesman said: “He could see them trying to get back aboard the boat, but it capsized so they were sitting on it.
“The lifeboat was launched but was stood down after the men were picked up by a local fish farm boat and taken ashore with their dinghy.”