The Spanish full-back has made 315 appearances for the Premier League club in all competitions since arriving from Terrassa in 2007 and will remain under contract until 2017 after signing a deal on Tuesday.
Rangel - who helped the club from League One to the top flight as well as League Cup success and UEFA Europa League qualification - spoke of his pleasure at edging closer to a decade at the Liberty Stadium.
"To be part of this club for the next two years is great news for me," he told Swansea's official website.
"Playing for Swansea City for 10 years has always been a target for me. I wasn't in the last year of my contract, so for the club to sort a new deal at this point showed the commitment, loyalty and faith the chairman and manager have in me.
"I'd like to thank the club for giving me an extension and I'll repay them for that with my commitment and performances for Swansea City."
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