Hutt police, the Wellington Maritime police, the Westpac Rescue Helicopter, ambulance staff and the Fire Service all rushed to the scene.
The man was taken to hospital in a serious condition.
"The actions of the three members of the public who entered the water is to be applauded," Senior Sergeant Andre Kowalczyk said.
"They did an excellent job in very difficult circumstances and their efforts to enter the water to save this man's life were exceptional."
The trio's "actions were extremely brave", he said.
The young trio could be in line for a bravery award, following their actions, Newstalk ZB reported.
The man's identity was not yet known.
He was described as Indian, aged approximately in his mid-20s to mid-30s, and was wearing a maroon coloured short sleeved polo shirt, and a pair of black light weight trousers.
He was not carrying any form of identification.
Anyone who knows the identity of the man is asked to contact Lower Hutt Police on 04 560 2600.