The acting legends are there to shoot scenes for the upcoming Mission: Impossible movie, the sixth in the franchise.
Rhames plays agent Luther Stickell in the series, but is perhaps even more well known for his role as Marsellus Wallace in Pulp Fiction.
The film's director Christopher McQuarrie, who wrote the screenplay for another blockbuster starring Cruise - Jack Reacher - has shared a photo on Instagram of a smiling Cruise and Rhames rugged up in heavy black jackets and holding up six fingers.
Hopefully the actors have more warm clothes in their suitcases as the temperature in Queenstown is expected to drop to -1C tonight.
Cruise was spotted by a photographer at Queenstown Airport on June 12 when the helicopter he was travelling in landed to refuel.
The photographer said Cruise was smiling and giving airport staff the thumbs up.
At least two other Mission Impossible stars - Henry Cavill and Simon Pegg - are understood to be in the country at the moment.
On June 14 McQuarrie posted a quirky photo of Pegg drinking through a straw out of a hot water bottle which was strapped to his chest.
Instagram user Sammii Whittles posted a photo of Cavill with a group of young women on June 11, captioned "Soooooo just met superman".
The British actor played Clark Kent in the film Man of Steel in 2013.
