The body was recovered in the 1000-block of North Lake Shore Drive just after 5:00 p.m.
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The person's identity has not been released.
The discovery comes days after a person went missing after going into the water in Chicago's "Playpen" area Wednesday.
Police said shortly before 7 p.m. Wednesday, their marine unit responded to a report that a person allegedly fell off a boat in the "Playpen" near the Jardine Water filtration plant.
When officers arrived, they began looking for the missing person.
Police also said the Coast Guard brought an unconscious person who had been on a boat to shore. That person was taken to Northwestern Hospital in critical condition.
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The marine unit then searched the lake for the missing person, but later suspended it.
Chicago police said the two people were on the same boat. The Coast Guard said the missing person was wearing a red shirt and blue jean shorts.
Then Thursday, a body of a 38-year-old man was pulled from Montrose Harbor, but officials later confirmed it was not the person who had gone missing the day before.
The missing boater's identity has also not been released.
This incident with the "Playpen" comes amid growing concerns about safety in that part of the lake.
RELATED: Boating accident in Chicago's 'Playpen' raises safety concerns about Lake Michigan party spot
Officials warned boaters, swimmers and beachgoers to take precautions in the water including always bringing a personal flotation device, never swim alone, watch weather conditions and keep an eye on everybody in your group.