The volume \( V \) of a cylinder is given by the formula:
\[
V = \pi r^2 h,
\]
where \( r \) is the radius and \( h \) is the height.
Let the radii and heights of the two cylinders be \( r_1, r_2 \) and \( h_1, h_2 \), respectively. We are given that the volumes of the cylinders are equal, and the ratio of their heights is \( h_1 : h_2 = 1 : 2 \). Therefore, the ratio of their volumes is:
\[
\frac{V_1}{V_2} = \frac{r_1^2 h_1}{r_2^2 h_2} = 1.
\]
Substitute \( h_1 = 1 \) and \( h_2 = 2 \):
\[
\frac{r_1^2}{r_2^2} = \frac{2}{1} \quad \Rightarrow \quad \left( \frac{r_1}{r_2} \right)^2 = 2 \quad \Rightarrow \quad \frac{r_1}{r_2} = \sqrt{2}.
\]
Thus, the ratio of the radii is \( \boxed{1 : \sqrt{2}} \).