The 32-year-old right-back, who was signed by Roberto Martinez from Spanish lower league team Terrassa in 2007, has made 315 appearances for Swansea and been part of the Welsh outfit's journey from League One to an established Barclays Premier League club.
"To be part of this club for the next two years is great news for me," Rangel told the official Swansea website.
"Playing for Swansea City for 10 years has always been a target for me
Seeing the likes of Leon Britton, Alan Tate and Garry Monk reach 10 years' service for this club has been inspirational - they are great servants to the club.
"I wasn't in the last year of my contract, so for the club to sort a new deal at this point showed the commitment, loyalty and faith the chairman and manager have in me
"
Rangel's new deal comes at a time when he has lost his starting spot to England Under-21 international Kyle Naughton, who joined Swansea from Tottenham in January.
The Spaniard has not started a league game since the 1-1 home draw with West Ham on January 10.
"I don't like to moan - I've been lucky enough to play regularly for the last eight years and succeed personally and as a club," Rangel said.
"When the club makes a decision you have to accept it and you must show the manager that you are ready if and when he needs you.
"When the manager has strong competition for every position then that is great for the club because it helps us push on."
Source : PA
Source: PA