The incident occurred at Eisenhower Park in Milford, where the man was taking a walk with his dog, said Milford Fire Department Battalion Chief Anthony Fabrizi.
The dog had spotted a team of ducks on the frozen pond and began to chase them when he fell through an area of thin ice and was struggling to swim back to dry ground.
The dog's owner then attempted to navigate the ice in desperation to rescue his pet. He ultimately fell through the thin layer of unstable ice which could not support his weight, Fabrizi said.
Bystanders who witnessed the event immediately called 911 for assistance.
Milford Police arrived on scene and assisted the man out of the water after he was overcome by the frigid temperature. Milford firefighters arrived on the scene in specially designed cold water rescue suits and entered the water to rescue the canine, Fabrizi added.
Both the man and his dog were treated for cold water exposure and hypothermia by fire department paramedics.
The man was transported to Milford Hospital for evaluation while his dog was brought to a local veterinarian for treatment.
"The Milford Fire Department reminds everyone to avoid walking on any ice-covered bodies of water," Fabrizi said. "Fluctuating temperatures render the ice to become very weak creating a hazardous condition."
Click here to follow Daily Voice Shelton and receive free news updates.