The men - believed to be in their 30s - were reported overdue after visiting Loch Muick.
Four mountain rescue teams and a coastguard helicopter were sent to the area. The men were traced at about 04:30, and are being walked to safety.
Rescue teams from Braemar, Aberdeen, Tayside and Police Scotland had been joined by a Coastguard helicopter.
But the helicopter was forced to return to base in Inverness by high winds and poor visibility caused by driving snow.
Conditions on the ground were also described as "challenging", with visibility said to be down to 10 metres.
Police Scotland mountain rescue team leader, Insp Matt Smith, told BBC Scotland: "They were probably not as well-equipped as they might have been."
He said it was "full winter up there".
Braemar Mountain Rescue team tweeted: "Overnight CALLOUT to rescue 2 males from near Broad Cairn. Incredible team effort in very challenging conditions. @AberdeenMRT @TaysideMRT
"Small reminder if heading out into the mountains, please be prepared and have the relevant skill base."
Two hillwalkers missing overnight in the Cairngorms have been traced following a major search.