The U.S. Navy's 7th Fleet said the F/A-18 Hornet had a mechanical problem during Monday's routine operations in the Philippine Sea.
A rescue aircraft plucked the aviators from the water immediately and brought them back to the ship, the Navy's statement said. They are both in good condition and the aircraft carrier has since returned to normal operations, the Navy said.
The cause of the crash is under investigation.
Monday's crash was the second involving aircraft belonging to the USS Ronald Reagan in less than a month.
In mid-October, a MH-60 Seahawk crashed shortly after takeoff, causing non-fatal injuries to a dozen sailors.
The aircraft carrier participated in a joint exercise known as "Keen Sword" with Japan and Canada from Oct. 29 to Nov. 8 in waters around Japan and near Guam in the Pacific.
The F/A-18 was part of a Career Air Wing 5 onboard Ronald Reagan, the Navy said.