Investigators say Helen Wallace was under water for about 10 minutes before being pulled to the surface. She is in critical condition at a hospital.
It's not clear yet how Wallace ended up in the pond.
Witnesses say the accident happened around the 2 p.m. Friday. They say a four-door sedan crashed through the fence and into a company's retention pond, which is said to be roughly about 10 feet deep.
"Absolutely no brake marks, no skid marks to say that she had to hit the brakes or anything like that," said Phoenix Police Chief Mel Davis.
"The car was submerged, all emergency responders were in a desperation situation of trying to respond and help," said South Holland Police Deputy Chief Greg Baker.
The South Holland fire chief tells ABC7 an off-duty Phoenix police officer had actually heard the call and jumped into the pond, but couldn't get Wallace out.
Dive teams were able to later confirm that no one else was with Wallace.