The two men spent 28 hours underground after losing their bearings inside the Pollnagollum cave network yesterday afternoon.
The alarm was raised at around 2pm today, and both the Gardai and members of the Irish Cave Rescue Organisation (ICRO) were mobilized.
A rescue operation was launched, and the missing pair were located cold but otherwise safe at around 5pm today.
The Pollnagollum caves, which run up to 20kms in length, are located on the eastern side of Slieve Elva between Lisdoonvarna and Ballyvaughan.