The pair were the surprise guests during the show's "Weekend Update" segment.
"Tell us, what's the latest from Fashion Week?" inquired the faux-news program's host Colin Jost.
"Listen, Colin, we're not here to talk about fashion. We're here to talk about the one thing everyone wants to hear male models talk about -- politics!" Wilson's Hansel said.
"Have you been following the current candidates?" Jost asked.
"Well, as you know. They just had the Iowa couscous, which I skipped because I don't eat carbs," Stiller's Derek deadpanned.
Derek and Hansel then evaluated the various presidential hopefuls' personal style.
"Hillary [Clinton's] style reminds me of one of my all-time fashion icons -- Kim Jong-un. Not to name-drop, but I'm pretty good friends with his sister -- Kim Kardashi-un," Derek dished. "Bernie is a champion of the 99 percent. Apparently, the 99 percent off at JC Penney."
"Look at that suit!" Hansel quipped as a photo of Bernie Sanders showed up on screen. "Hey, Chernobyl called, they want their disaster back."
"Makes me want to keep my eyes wide shut," Hansel agreed.
"What do you think of Trunp?" Jost asked.
"We love him!" Derek exclaimed. "Donny's just like us. He has the classic male-model looks."
"You mean like Blue Steel?" Jost said.
"Exactly, but Donny has Orange Mocha Crapaccino. And this one's called Hot Mess and, finally, after Iowa, he's got a new signature look -- Second Place," Derek offered, as various photos of Trump flashed on screen.
Zoolander 2 opens nationwide Friday.