After Sahasrahla gives Link the Pegasus Shoes, he tells him to get a strange and mystical weapon called the Ice Rod which is located to the east of Lake Hylia. Link must travel south of the lake and then up and around to the lake's northeast corner. Link will be able to see a cave entrance, but just to the left of that entrance is a pile of loose rocks. Bomb through the rocks to reveal another entrance."
"An icy blast flies out from the Ice Rod. It freezes enemies solid."
"Once frozen, Link can pick up an enemy and throw it to destroy it."
A Link to the Past
When Link uses this weapon, it shoots out a blue beam to freeze the enemy, but it consumes some of Link's Magic. It is found on Lake Hylia's shore inside a cave to the east. Despite Link being able to acquire the Ice Rod before even entering the Eastern Palace, the item isn't required until near the very end of the game. Link will need the Ice Rod in Turtle Rock when battling against the dungeon boss, Trinexx.
A Link Between Worlds
The Ice Rod can be found in Ravio's Shop to rent for 100 Rupees or buy for 1,200 Rupees. Unlike before, this weapon floats a block of ice in the air that can be dropped on enemies. Once Link has bought it, he can upgrade it to the Nice Ice Rod after finding ten lost Maiamais and giving them to Mother Maiamai.