A third man, another rescue worker who was on the trip with them, survived. His name has not been released yet. He is undergoing counselling and has been described as being devastated.
Usuittuq Jaw, 25, had been ptarmigan hunting near Pudlat Bay on Thursday, April 28.
When Jaw, the son of mayor Matthew Jaw, didn't return from the trip as expected, two search and rescue workers went out to find him.
On Friday, April 29 the two searchers found Jaw in a cabin 35 miles outside of Cape Dorset.
The plan was for all three of them to wait out the bad weather - blowing snow - until the next morning.
But for reasons still unknown, the three men decided to travel back to Dorset that night instead of waiting until morning.
Jaw and the 35-year-old searcher shared one snowmobile while the second rescue followed on another machine. The first snowmobile disappeared into open water on the way back and the second rescuer lost sight of them.
The dead searcher's name has not been released due to wishes of his family.
Cpl. Kelly Glaspey at the Cape Dorset RCMP detachment said the spring break-up has been early this year and open water exists in places hunters may not expect it.
"That area is a well travelled route. They knew where they were," said Glaspey.
Rangers have been sent to try to recover the two bodies.
Resident Chris Pudlat, who works at the West Baffin Eskimo Co-op, said the community is reeling from the news.
"It hasn't really sunk in yet," he said. "Everyone is in shock at the news. Everyone knew them. It's a tragedy."
The families of those involved in the tragedy received boxes of caribou meat from Iqaluit.