Lowry pumped his fists and high-fived playing partner Patrick Reed while the patrons let out a roar that could be heard all across Augusta National.
It was the 16th ace at the hole known as "Redbud" and the first in four years.
Only about 20 minutes, Love followed him up with another ace.
The Ryder Cup captain took 7-iron, landed the ball in the middle of the green and watched it trickle down and curve left - straight into the hole.
It was the fourth time since 2004 at the Masters that there had been a hole-in-one on the same hole in the same round.
Last time was 2012, when Adam Scott and Bo Van Pelt each aced No. 16.
It was a rare highlight Sunday for Love, one of three 50-plus players to make the cut at Augusta. The ace made him 7 over on the day.