A launch collided with a bulkhead, causing the smaller vessel to sink, in the Dhaleshwari River in Munshiganj early on Saturday.
Two people -- Shariful Islam, 28, and Nur Islam, 45 -- had gone missing following the incident.
The River Police later learned that they were rescued by the crew of a Sadarghat-bound launch.
"Both of them are safe and sound at the Sadarghat terminal," said Muktarpur River Police outpost In-charge Lutfar Rahman.
Earlier, locals managed to rescue the bulkhead’s Jewel Rana, Sufiyan and Billal.
River Police and Fire Service personnel launched a recovery operation later at 9am and had yet to recover the sunken vessel when the day's search concluded at noon.
The bulkhead is about 30 feet underwater, said the Fire Service.
Locals said the launch, MV Jahid-3, rammed into the cement-laden bulkhead at around 6am.
Earlier, on March 20, a launch capsized in the Sitalakhya River after colliding with a cargo ship, resulting in the death of 11 people.