Jack Visick and Garry Cairns swan 50 metres to pull the man to safety after he was unable to make it back to shore.
He had jumped from the end of the pier and then drifted into waters near the bandstand. Jack and Garry braved the 13 degree seas to drag the man onto the beach before the RNLI and Coastguard arrived.
Eastbourne Borough Council spokesperson for tourism Councillor Steve Wallis said,
"The rescue by the beach lifeguards is an example of the crucial role they play in keeping everybody safe and acting on the first signs of danger.
"We want everyone to enjoy the sea and beaches at Eastbourne and with the weather getting warmer people are making the most of the sunshine, but it is still important to be aware of the risks."
The lifeguards are warning revellers to: avoid alcohol on the beach and never go into the water after drinking alcohol, never swim when the Red Flag is flying, do not swim near the pier or the groynes, ask a lifeguard before taking an inflatable onto the water and swim with a friend.
A Beach Safety Leaflet is available from the seafront office and www.visiteastbourne.com and also contains advice on sun safety, plus the Kidzsafe scheme, which operates on the beach between the Wish Tower and the pier.