There is some discussion as to whether exercise-induced hyperthermia of the superficial digital flexor tendon (SDFT) affects tenocyte viability and pre-disposes to injury. Cold-therapy is commonly used as a preventative measure and treatment for acute tendon injuries, but only a few studies have evaluated the effect of cold-therapy on metacarpal temperatures in the horse. For this reason, this study has measured skin surface temperatures after moderate exercise and after application of cold-therapy, and additionally monitored the duration of any effects. Four horses were recruited into a semi blinded controlled study with repeated measurements that involved lunged exercise for 16 minutes at moderate intensity. Skin surface temperature was measured using a thermographic camera before and after lunging, and every 40 minutes for two hours post cold-therapy. Cold-therapy was applied using a Jacks Whirlpool Boot with ice-water immersion at a level just distal to the carpus for 20 minutes. The right leg was treated, and the left leg was used as an untreated control. The experiment was conducted twice on all four horses. Moderate exercise resulted in an increase in skin surface temperature of 10°C. Application of cold-therapy for 20 minutes resulted in a reduction in skin surface temperature by 14°C. The effect of cold-therapy persisted for at least 40 minutes post treatment. It is concluded that exercise leads to an increase in skin surface temperature which is counteracted by the application of cold-therapy. These findings would seem to indicate that cold-therapy can be used after exercise to counteract hyperthermia within the metacarpal region of the horse’s leg.