The women found the other pig, which had one ear torn off and its back legs "ripped to shreds", Miss Stringfellow said. The horses stood by the pig, "licking blood off it" and grooming it.
The pigs were in a paddock next to the pony club, which is believed to be owned by a trust.
The animals had rings in their noses, indicating they were tame and possibly pets, Miss Stringfellow said.
The horse riders believe the men were training the dogs to hunt pigs.
"Out in the wild it's fine, in a closed area where the pig can't actually escape it's definitely cruelty," Miss Stringfellow said.
"It's not a wild pig, it's got rings in its nose, it's been handled a lot."
Miss Stringfellow said she was furious and disgusted by the incident, which she believed was illegal.
"I would love to see the people who did it and give them what I think of them. They are just disgusting.
"I would like to see them charged and their animals taken off them."
Ms Wright, an animal trainer, believed the men were training the dogs, in what she said was an unacceptable training method.
"They were either filming it for enjoyment or they were filming for training reasons."
She described the attack as "the most terrible thing".
Ms Wright said it was fortunate the incident had not happened today, when children would be riding past the area in the opening pony club rally.
The women said the men drove away in a blue ute. They were unsure of the breed of dogs but said one was chestnut in colour, while the other two were brindle.
Tauranga police confirmed staff attended an incident involving pigs yesterday morning.
The horse riders also phoned the SPCA, and a dog control officer attended.
The Bay of Plenty Times Weekend was last night unable to reach the SPCA or Western Bay District Council dog control for comment.