"But we didn't want to miss the 24-hour deadline so Tom and I are here to take a hit for the team," he said in the video, which Cruise posted onto Twitter.
Cruise added: "Chris and I are also making donations on behalf of every member of our cast and crew that were lucky enough not to be here today."
The pair then sat and awaited their fate, as people threw the icy water over them. By the sixth bucket, they were struggling.
"How much more?!" Cruise said. "There's no end," McQuarrie added.
Funnily enough, they needn't have even gone through with it.
In the ice bucket challenge, the water is the punishment if you don't donate to the ALS Association within 24 hours - which they did.
If you donate, or get iced, then you nominate another three people to the challenge.
It's why Charlie Sheen simply poured money on himself - because that's the amount he was pledging to donate.
However, celebrities such as Cruise, Jackman and others getting involved is not only amusing, but also helps by raising awareness as well as funds.
Cruise's video followed a similar one of Jackman, Rooney Mara, Garrett Hedlund and the cast of Pan throwing buckets of the water over themselves in a chilly, wind-swept field.
Jackman had been challenged by Les Miserables castmate Russell Crowe.
- AAP