Both Germans were traveling in a tourist group that was provided with services of Russian Grumant Arctic Travel Company, the Norwegian authorities said on Thursday.
The incident took place 15-20 kilometres (9-12 miles) south of the Russian settlement of Barentsburg. A helicopter with rescuers has been sent to the site.
Svalbard is an archipelago in the Arctic Ocean, which belongs to Norway but, in line with the 1920 treaty, can be also used by some other countries, including Russia. Russia also maintains a consulate in the town of Barentsburg on the Spitsbergen archipelago.