The crash occurred about 10:30 a.m. south of the Tweed New Haven Airport in New Haven, Connecticut, according to the FAA.
The Coast Guard Station New Haven dispatched a 45-foot boat to the scene after the Sector Long Island Sound Command Center received notification from the air traffic control tower that the aircraft went down in the vacinity of the Thimble Islands near Branford, Connecticut.
"The two persons onboard the aircraft were rescued and in stable condition," the Coast Guard said in a statement to ABC News.
The two rescued occupants of the plane were taken to the Stony Creek Pier in Branford, where emergency medical service workers took over their care, according to the Coast Guard.
The FAA is investigating the incident.
This is a developing story. Please check back for updates.
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