Concept:
The de Broglie wavelength \(\lambda\) of a particle is related to its momentum \(p\) by the equation \(\lambda = \frac{h}{p}\), where \(h\) is Planck's constant. Momentum can be expressed in terms of kinetic energy \(K\) and mass \(m\) as \(p = \sqrt{2mK}\).
Step 1: Establishing the relationship between wavelength, mass, and kinetic energy.
Substituting \(p = \sqrt{2mK}\) into the de Broglie equation gives:
\[
\lambda = \frac{h}{\sqrt{2mK}}
\]
Step 2: Formulating the ratio based on constant parameters.
The problem states that both particles have the same kinetic energy (\(K_1 = K_2 = K\)). Since \(h\) and \(K\) are constants, the wavelength is inversely proportional to the square root of the mass:
\[
\lambda \propto \frac{1}{\sqrt{m}}
\]
Therefore, the ratio of their wavelengths is:
\[
\frac{\lambda_1}{\lambda_2} = \sqrt{\frac{m_2}{m_1}}
\]
Step 3: Substituting the given mass ratio.
The given mass ratio is \(m_1 : m_2 = 2 : 1\), which means:
\[
\frac{m_1}{m_2} = \frac{2}{1} \implies \frac{m_2}{m_1} = \frac{1}{2}
\]
Substitute this into the wavelength ratio equation:
\[
\frac{\lambda_1}{\lambda_2} = \sqrt{\frac{1}{2}}
\]
\[
\frac{\lambda_1}{\lambda_2} = \frac{1}{\sqrt{2}}
\]
Step 4: Selecting the correct option.
The ratio of their de Broglie wavelengths is:
\[
\boxed{1:\sqrt{2}}
\]
Therefore, the correct option is:
\[
\boxed{\text{Option (D)}}
\]