An ice rigger apparatus has a planar base member that has an adjustable fishing rod holder at one end and a trip rod at the other end. The trip rod is rotatably mounted to the top surface of the base member and is disposed generally transversely to the base member. The trip rod includes means for releasably attaching a portion of a line to it, the line running from a fishing pole placed within the rod holder to a lure that is suspended in the water just below the ice. The trip rod also includes means for releasing an indicator flag when the lure has attracted a fish and the fish has taken the bait.