The two women had gone fishing on lake Bergsjön near the town Lane-Ryr in the Uddevalla municipality.
A rescue party arrived at the scene after fishing equipment was spotted near a hole in the ice.
The rescue personnel managed to pull out the women's bodies and the divers who had been called to the scene did not have to enter the icy water.
"We tried to resuscitate them by the bank of the lake but it was not possible," Hans-Erik Oskarsson of the Uddevalla rescue services told news agency TT.
He added that the ice was very weak and that it broke when men from the rescue party went out onto it, too.
Oskarsson also estimated that the women were between 60 and 70 years old and said that the last time their families heard from them was around 1pm on Saturday.
Also, late Saturday night a man in his sixties was found drowned in lake Mjörn near Alingsås on the west coast of Sweden.
His family had reported him missing on Saturday night after he failed to return from an ice-fishing trip.
The man's body was found at 12.30am on Sunday, assistant duty officer Ingemar Johansson told TT.
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