The fishermen’s boat had been set on fire and they were airlifted to safety as the burning vessel sank at around 3:30pm on Monday, July 16.
Penlee and Sennen Cove RNLI lifeboats and HM Coastguard's search and rescue helicopter from Newquay were sent to the scene.
The two people on the boat were safely taken aboard the Penlee lifeboat and reported to be uninjured following their ordeal.
The Maritime and Coastguard Agency said: "Two men have been safely rescued after their fishing vessel caught fire off the coast of Land’s End this afternoon.
“Falmouth Coastguard received multiple 999 calls around 3.25pm reporting a vessel on fire.
"RNLI Penlee and Sennan Cove all weather lifeboats and HM Coastguard search and rescue helicopter based at Newquay were sent to the scene.
“The two people on board had abandoned their vessel to a life raft.
"They were safely taken aboard the Penlee lifeboat and reported to be uninjured and not suffering from smoke inhalation and have been taken back to shore in Newlyn.”
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HM Coastguard have made a mayday broadcast to warn any vessels in the area to avoid the scene.
Theresa Appleton, who was on a wildlife tour and spotted the smoke, said: “We could see all this acrid black smoke in the distance and the skipper headed straight for it.
"We were the first on scene and the fishermen were in a life raft.
“The skipper threw them a rope and took them away from the fire."