The two passengers were asleep aboard a 48-foot catamaran at about 10 p.m. when they were awakened to the smell of smoke wafting through the boat.
They immediately called channel 16, the international distress radio frequency.
"They hailed the Coast Guard and said their boat was on fire," Coast Guard petty officer 3rd class Ryan Dickinson said.
The two decided to abandon the ship and escaped the fiery vessel by jumping into a dingy, Dickinson said.
The Coast Guard crew arrived in a response boat and recovered the pair, and transported them to Marina Park in Titusville, where they were examined by paramedics and taken to Parrish Medical Center. Both were in stable condition. An investigation is ongoing.