Raymond Hopson, 61, of Chicago was on an inflatable raft and accidentally flipped over in the 2200-block of North Cannon Drive, officials said.
He was underwater for an extended period of time before he was pulled from the water.
The Chicago Fire Department said the man was transported to St. Joseph Hospital in critical condition, where he died just before 1 p.m.
There were several other incidents of people pulled or rescued from the water Tuesday. In Michigan City, a man was pulled from the water at Washington Park Beach and taken to Franciscan Hospital in critical condition.
Luke Laidley, 43, also died Tuesday after he jumped into Lake Michigan near Centennial Park Beach in Winnetka to rescue a child who had fallen off a tube.