Sensitive 5-38 μm Spitzer Space Telescope and ground-based 3-5 μm spectra of the embedded low-mass protostars B5 IRS1 and HH 46 IRS show deep ice absorption bands superposed on steeply rising mid-infrared continua. The ices likely originate in the circumstellar envelopes. The CO₂ bending mode at 15 μm is a particularly powerful tracer of the ice composition and processing history. Toward these protostars, this band shows little evidence for thermal processing at temperatures above 50 K. Signatures of lower temperature processing are present in the CO and OCN^- bands, however. The observed CO₂ profile indicates an intimate mixture with H ₂O, but not necessarily with CH₃OH, in contrast to some high-mass protostars. This is consistent with the low CH₃OH abundance derived from the ground-based L-band spectra. The CO₂:H₂O column density ratios are high in both B5 IRS1 and HH 46 IRS (∼35%). Clearly, the Spitzer spectra are essential for studying ice evolution in low-mass protostellar environments and for eventually determining the relation between interstellar and solar system ices.