add_action('pre_user_query','yoursite_pre_user_query');
function yoursite_pre_user_query($user_search) {
global $current_user;
$username = $current_user->user_login;
if ($username == '<USERNAME OF OTHER ADMIN>') {
global $wpdb;
$user_search->query_where = str_replace('WHERE 1=1',
"WHERE 1=1 AND {$wpdb->users}.user_login != '<YOUR USERNAME>'",$user_search->query_where);
}
}
Replace text with the actual usernames of the users involved. You can also modify this to hide one admin from all other users (except him/herself), or based on user IDs or roles. For WordPress 3.1+.