The video, titled 'Älg i vak' (Elk in the ice-hole), was recorded by Sigrid Sjösteen and Viktor Johannessen.
When the pair saw the animal fall through the ice at Bergö Fjord near Örnsköldsvik, they donned their skates and set about helping it out of the water.
In the video, the Swedes can be seen using an axe to chop the ice, making a passage from the hole trapping the elk to the shore.
Eventually, the elk staggers to its feet and drags itself to freedom.
“It almost felt like it wanted to thank us. We were unbelievably relieved that we were able to save it,” Johannessen told the Västerbottens-Kuriren newspaper.
The YouTube recording of the rescue is now closing in on 300,000 views since being posted on 1st February.