The Victoria duo raced to a time of seven minutes 5.88 seconds at Lagoa Stadium.
Ilse Paulis and Maaike Head of the Netherlands won gold in 7:04.73 while China's Huang Wenyi and Pan Feihong were third in 7:06.49.
The Canadians showed off their impressive finishing power. They were fifth at the 1,000-metre mark, three seconds off the pace. Entering the final 500, they had shaved the deficit to 1.63 seconds to sit third. A powerful kick down the stretch propelled them to second.
Silver medalists Lindsay Jennerich and Patricia Obee of Canada celebrate on the podium at the medal ceremony for the women's lightweight double sculls during the Rio 2016 Olympic Games at Lagoa Stadium on Friday in Rio de Janeiro, Brazil. (Photo: Phil Walter/Getty Images)
Canadian Olympic Committee president Tricia Smith, a former rower, presented the women with their medals, giving them each a warm embrace.
Jennerich and Obee were left devastated after flaming out in the semifinals four years ago at the London Games, finishing a disappointing seventh overall.
Came fourth in last year's championships
The pair were fourth at last year's world championships after placing second in 2014, but they found their groove in the lead-up to Brazil, winning their final World Cup race in May.
Canada had another chance at a podium later Friday when Will Crothers of Kingston, Ont., Kai Langerfeld of North Vancouver, B.C., Conlin McCabe of Brockville, Ont., and Tim Schrijver of Thedford, Ont., raced in the men's four final.
In Friday's early race involving a Canadian, Carling Zeeman of Cambridge, Ont., finished fourth in her women's single sculls semi, just missing out on a spot in the final. She will race in Satuday's consolation race.
Lindsay Jennerich and Patricia Obee of Canada react after finishing second in the women's rowing lightweight double sculls final during the 2016 Summer Olympics in Rio de Janeiro, Brazil, on Friday. (Photo: Luca Bruno/AP via Canadian Press)
Canada's women's eight will take part in Saturday's final.
The Olympic regatta was plagued by weather issues from the start of competition. Two Serbian rowers were dumped out of their boat and into the venue's polluted water on Saturday because of high winds and the resulting whitecapped waves, while Sunday and Wednedsay's schedules were completed whipped out.
The wind continued for most of the week, but organizers weren't forced to cancel any races.
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