One of the dead was a man who tried to rescue another man who fell into the water.
Iqaluit RCMP say one man fell into the icy water while out boating by himself the afternoon of Oct. 15. Two other men in a boat spotted him and rushed to the rescue.
One of the would-be rescuers fell into the water while trying to help the drowning man, RCMP say.
After being brought to shore just prior to 5 p.m., both Charlie Sagiatook, 40, and Qaqqasiq Mitsima, 43, were brought to Baffin Regional Hospital, where they were pronounced dead, RCMP say.
The third man -- whose name was not released by police -- also received medical treatment.
It's not known how long either of the men were in the water.
The men were met on the shore by 10 members of Iqaluit Emergency Services, said Iqaluit fire Chief Cory Chegwyn.
"We arrived and realized there was a larger issue than what we originally thought," Chegwyn said, adding the two men had sustained injuries related to being in cold water.
Both of the city's ambulances and fire trucks were brought to the scene, Chegwyn said.
RCMP and three city bylaw officers were also involved in the rescue effort, he added.