The sheriff's office and Fox Lake police received multiple calls of a person in distress in the water at about 1:40 a.m.
Authorities arrived on the scene on the first block of Holly Avenue and found a 45-year-old man from Flagley, Florida who swam to shore. The man told police that he and a 30-year-old man from Schaumburg were in a canoe when it flipped over and the men fell into the water.
Neither men were wearing a life vest and the 30-year-old man was a poor swimmer and did not resurface, the sheriff's office said.
Crews searched the lake and the body of the Schaumburg man was recovered at about 8 a.m. Authorities have not released the man's identity.