I really love this activity because it hits on so many concepts at once. Not only are students making the connections between equivalent decimals and fractions, but they are also learning decimal place value and metric measurement.
The free printables below that have a step-by-step lesson for using these powerful manipulatives in your classroom! Just click on the image below to download.
Ideally, you will want one meter stick, 10 base-ten rods, and 10 base-ten cubes for a pair of students. However, you can also have a group of three or four share the materials if you are unable obtain enough resources. Student will construct the models from the above printable. Then they will make their own models.
You might also be interested in my Time to Tile: Equivalent Decimals and Fractions resource for another great hands-on activity related to this topic.