One of the victims is a 24-year-old woman, who has been taken to Northeast Georgia Medical Center and is in critical condition, said David Kimbrell, Hall County fire chief.
The other is a 6-year-old boy, who has been taken to Children's Healthcare of Atlanta at Egleston, Kimbrell said.
Authorities were called to Van Pugh Park, which is off Gaines Ferry Road in West Hall, at 3:45 p.m. after reports that a woman hadn't surfaced from swimming.
The family had pulled up to a sandbar in a boat, with family members swimming around the boat, Kimbrell said.
Rescue workers found the 24-year-old 12 minutes later in 8 feet of water and began trying to revive her, the chief said.
In the meantime, a Gwinnett County rescue team that had been helping in the search recovered a 6-year-old boy who had been swimming and didn't resurface.
"He's conscious and alert," Kimbrell said.