Emergency crews were called to the scene at Waurn Ponds Shopping Centre for the Chants Summer Carnival in Geelong at about 2pm on Saturday.
Two children became trapped on a carnival ride 35metres in the air on Saturday when the freestyle swings ride malfunctioned at the Chants Summer Carnival.
The Freestyle swings rotate in circles at a high speed, launching thrillseekers metres into the air.
Fire Rescue Victoria brought in a crane and cherry picker and had to operate them at a high angle and battle rainy conditions to bring the children to safety.
They also rescued another two children who were only a few metres in the air.
Fire Rescue Victoria worked alongside the SES, CFA, Victoria Police, WorkSafe and carnival management in a three hour long rescue operation.
Paramedics assessed the children at the scene where all four were unharmed.
Carnival goers watched the rescue unfold from the carpark after they were evacuated during a temporary shutdown.
WorkSafe Victoria is investigating the cause of the malfunction.