This work analyzes, both theoretically and experimentally, the fracture process of square specimens weakened by keyhole notches and subjected to compressive stresses. Two materials are covered: general-purpose polystyrene (GPPS) and poly(methyl methacrylate) (PMMA). Firstly, the load-carrying capacity (LCC) of the specimens is determined experimentally. Then, by using the equivalent material concept (EMC) for compressive conditions coupled with the maximum tangential stress (MTS) and the mean stress (MS) criteria, the LCC of the notched specimens is predicted. The results show that by using the approach proposed in the present investigation, not only can the critical loads in the keyhole notched polymeric specimens be precisely predicted, but also the corresponding compressive critical stress of the two mentioned polymers can be successfully estimated.