The four teenagers and an adult had managed to get on top of a nearby pontoon on the River Slaney between Ferrycarrig Bridge and Killurin Bridge, where they then raised the alarm with the Irish Coast Guard.
Wexford RNLI volunteers were paged just before 3pm and launched the inshore lifeboat with three crew on board within 12 minutes.
Once on scene before 3.30pm, the crew took the four teenagers on board the lifeboat and brought them safely ashore at Killurin.
The lifeboat then returned to the scene for the adult and jet ski. Conditions at the time were good with no swell and a falling tide.
Speaking following the callout, Wexford RNLI helm Damien Foley said: “Everyone was wearing lifejackets and did the right thing by calling for help to the coastguard when they could.”
The volunteer crew of Damien Foley, Ger Doran and David Marskell, all of who were working at the time, were back at Wexford Lifeboat Station at 4.30pm. It was also the first rescue for volunteer crew member David Marskell.
Aran Islands lifeboat coxswain Declan Brannigan said: “Our volunteers didn't hesitate to answer both calls today and we would like to wish both women a speedy recovery.”