Magic ISO for Mac by MagicISO, Inc. has not been yet developed, but there are many similar programs that can perform the same tasks. In this list with alternatives for Magic ISO for Mac you can find applications that can easily create, edit or extract ISO image files. All these programs are safe, powerful and can help you back up your CD or DVD discs. Additionally, some of them support other popular disc image file formats that are not supported by MagicISO.
Feel free to add any alternative to Magic ISO for Mac that you know of.
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Found the answer on one of the forums:
1. Mount the ISO.
2. In Disk Utility choose New > Disk Image From Folder.
3. Select the mounted source that you want to convert (not the image file).
4. Choose "hybrid" from the "image format" dropdown list.
Not sure if it works, but I guess, it's worth giving...
Can I use it to convert ISO to DMG files for Mac OS X with Any ISO Burner?