The mayor's office says Rick Mills and Dan Land both went into a burning house on January 8 on NE 10 Avenue after hearing a woman's cries for help.
The two men found a woman and her adult daughter clinging to one another and suffering from smoke inhalation in a room filled with flames.
They were able to get the women to safety outside the house, and they were later taken to the hospital.
Meridian firefighters also provided aid to several pets suffering from smoke inhalation.
The Meridian Fire Department says that if they had not gone into the house when they did, both women could have died in the fire.
On Tuesday, Mayor Tammy de Weerd presented the men with the Hometown Hero Award for their quick thinking and courageous actions.
The two women, Judy and Tara, were able to attend the ceremony.