The Adams County Sheriff's Office says the two children, ages 8 and 9, wandered onto a pond Saturday afternoon on their family's property in Prescott and fell through thin ice.
The children's parents contacted authorities after the boys failed to return home from being outside.
Divers found one child immediately about one foot underwater. The other child was found about 20 minutes later. Both were airlifted to a Des Moines hospital where they were pronounced dead.
The children's identities have not been released.