It brings to 124 the number of migrants saved in a total of three rescues off the southern Italian island on Wednesday.
The seven-metre boat went down in the Italian search and rescue area (SAR) area off Lampedusa.
No people were reported missing at sea.
The rescue of 38 migrants off the coast of Lampedusa was caught on film.
The boat had come from Tunisia.
Earlier, another boat carrying 41 people was rescued and the migrants disembarked.
Also rescued - and this was the third landing on Lampedusa in a very short time - were 45 other migrants, including 10 women and five minors.
They too set sail from Sfax, Tunisia, at 5am Tuesday.
ANSA
