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Botham, along with Hughes and a group of friends, was on a boat when the accident happened, resulting in some heavy bruising to his torso but no serious injuries for the former England all-rounder.
The river is inhabited by saltwater crocodiles and bull sharks.
The two cricket legends, who faced off many times during Ashes series in the late 1980s and early 90s, have maintained a close friendship over the years.
In a comment to News Corp, Botham compared himself to the Australian film character Crocodile Dundee, saying: "At the end of the day, Crocodile Beefy survived."I was out of the water quicker than I went in it. Quite a few sets of eyes were having a peep at me. Luckily I had no time to think about what was in the water.
"The guys were brilliant, it was just one of those accidents. It was all very quick and I'm OK now."There have been three fatal crocodile attacks in Australia this year.
Associated Press