FAA sources tell TMZ Sports the Robinson R-44 chopper -- with McMahon and a pilot onboard -- conducted an emergency landing after an the malfunction.
Shortly before ending up in the Atlantic, the chopper departed Westchester airport in NY.
We're told the pilot issued a mayday call prior to the crash landing. Once in the water, emergency crews responded and rescued the men.
McMahon, 47, is the Commissioner of "SmackDown LIVE."
The FAA is investigating the crash.