The man swimming out to the dog was taken by the out going current and swept out past the dog and further in to the channel. Emergency services responded.
A local Tauranga police officer entered the water and swam to the man, reassured him that help was on the way and kept him calm.
Fire service crew members also responded, using a kayak and paddle board from nearby residences. A fire fighter with the paddleboard reached the pair at the same time as the local rescue helicopter.
All three returned to shore. The pair were very tired but uninjured after 40 minutes in the water.
The man's dog returned to shore unaided and is well.
Senior Sergeant Shannon Clifford said "We are pleased that all are safe, the current was extremely strong, our police officer also a tri-althlete with strong swimming ability did a very good job meeting up with the man, keeping him calm and assisting him back to shore.
"We do not advise public to enter the water especially given the treacherous tidal conditions that we saw today.
"The man that had gone to the dog's aid was saved by his knowledge around water safety and what to do when caught in a current or rip"
UPDATE: The two people swept into the channel near Maungatapu Bridge have safely made it back to shore.
The Tauranga-based rescue helicopter was at athe scene but the people were able to get to safety from the water.
The dog is also safe and well.
12.02pm: Two people have been swept out in the water near Maungatapu Bridge after jumping in to rescue a dog.
Police, ambulances, fire trucks and the Tauranga-based rescue helicopter are all at the scene.
Mount Maunganui Fire Brigade senior firefighter Shane Baker said a person jumped in to rescue their dog but got into trouble in the water so a second person jumped in to rescue them and also got into trouble.
Mr Baker said the tide was going out and had a strong pull.
Emergency services could see the two people and were coordinating a rescue, a reporter at the scene said.
One person had paddled out from the Maungatapu end in a kayak and another had paddled out on a board from the Matapihi end.