The children's TV host was eliminated over Charlene Tilton after judges' scores and viewer votes for their 'Movie Week' performances were combined.
After a last chance skate-off, in which Rhodes reprised his Blues Brothers-themed performance, judges Robin Cousins, Louie Spence and Katarina Witt unanimously voted to send him home.
Cousins said to the former Pop Idol contestant before casting his vote: "It's been fun having you around", while Spence complimented Rhodes on his "spirit and fun attitude".
Speaking to hosts Phillip Schofield and Christine Bleakley following his exit, Rhodes said: "Obviously I'm absolutely gutted, but to be at the bottom in the first week and to be next to the bottom in the second week, it makes sense for me to be in the skate-off.
"Charlene... she skated her second [performance] absolutely brilliantly and I messed up. [I'm] absolutely fine with it."
Turning to his professional partner Frankie Poultney, the 30-year-old jested: "You've been working with limited resources. You are absolutely brilliant."
Rhodes's presenting partner Sam Nixon remains in the running.
Schofield also teased at the end of the show that the remaining 12 contestants will soon face "one of the biggest challenges ever seen".
Dancing on Ice continues next Sunday (January 29) at 6.45pm on ITV1.