The child and a young male – possibly a teenager – have both been rushed ashore by the volunteer lifeboat crew after getting into difficulty between Shanklin and Luccombe.
Ventnor Coastguard Rescue Team and Police are on scene at Shanklin Esplanade, where a crowded beach of onlookers have witnessed the incident unfold.
Coastguard Rescue Officers have entered the water and transferred the casualties – and their belongings – ashore.
The lifeboat was called into action at around 15:00 just minutes after finishing a demonstration as part of the annual Sandown Regatta.
UPDATE @ 16:10 – Paramedics from the Isle of Wight Ambulance Service have checked over the rescued individuals, who appear to be wet but otherwise uninjured.
Rescue resources have now been stood down from the incident.
Today’s rescue comes just 2 days after SSILB was called into action in the same area for a similar reported incident.
If you spot someone in trouble on or near the shore, call 999 and ask for the Coastguard