Edit: This assumes that you are using the subcaption package, however, without a complete MWE I do not know which package you are using.
Edit2: Sorry for misreading the question, here comes the proper solution:
Edit3: Now it works for captions with different number of lines.
\documentclass{article}
\usepackage{graphicx}
\usepackage{subcaption}
\begin{document}
\begin{figure}[!h]
\centering
\newlength{\MyHeight}
\settoheight{\MyHeight}{\includegraphics[scale=0.4]{example-image-a}}
\begin{subfigure}[t]{0.49\textwidth}
\centering
\includegraphics[scale=0.4]{example-image-a}
\caption{Lorem ipsum}
\end{subfigure}
\hfill
\begin{subfigure}[t]{0.49\textwidth}
\centering
\begin{minipage}[b][\MyHeight][c]{0.49\textwidth}
\includegraphics[scale=0.2]{example-image-b}
\end{minipage}
\caption{Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enimad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.}
\end{subfigure}
\end{figure}
\begin{figure}[!h]
\centering
\newlength{\MyOtherHeight}
\settoheight{\MyOtherHeight}{\includegraphics[scale=0.4]{example-image-a}}
\begin{subfigure}[t]{0.49\textwidth}
\centering
\includegraphics[scale=0.4]{example-image-a}
\caption{Lorem ipsum}
\end{subfigure}
\hfill
\begin{subfigure}[t]{0.49\textwidth}
\centering
\begin{minipage}[b][\MyOtherHeight][c]{0.49\textwidth}
\includegraphics[scale=0.2]{example-image-b}
\end{minipage}
\caption{Lorem ipsum dolor sit amet}
\end{subfigure}
\end{figure}
\end{document}
The result looks like this:

subfigures? If it'ssubfigure, then it's obsolete. – Werner May 08 '14 at 14:15subcaption(notice thesubfigureenvironment not command). – Gonzalo Medina May 08 '14 at 14:20