The Grace of Monaco actress, 47, was the first to take the plunge while the duo were taking a break on the set of their new film The Family Fang.
"I accept the challenge to strike out ALS… the ice bucket challenge," Nicole is filmed saying in a video she posted on Facebook.
"Do I have to say who did it? Faith Hill. Thank you Faith. And I'm going to donate money and I'm also going to take the ice bucket.
"I'm also going to challenge Jason Bateman, Russell Crowe, and Colin Firth."
Shirtless David Beckham does the Ice Bucket Challenge
Nicole is then drenched by her co-star Jason, 45, who creeps up from behind with a large cooler filled with ice cold water.
The Australian beauty soon gets her revenge as she dunks Jason with a bigger bucket, barely giving him the chance to call out his nominations – Will Arnett, Justin Theroux and David Cross.
Nicole Kidman and Jason Bateman on the set of The Family Fang
Gwyneth Paltrow nominates Chris Martin for challenge
The Ice Bucket Challenge, which raises money in the hope of finding a cure for the neurodegenerative illness ALS (amyotrophic lateral sclerosis), kicked off less than a week ago but the trend has already taken Hollywood by storm.
Some of the first famous faces to take part in the challenge were philanthropists Oprah and Bill Gates – who specifically built an outdoor contraption to dunk water on himself – and football legend David Beckham who made it a family affair by encouraging his eldest son Brooklyn to follow suit.