The incident took place at about 2:31 a.m. in the 13000-block of South Indiana Avenue.
Police said five adults were in the vehicle when it lost control, struck a barrier and ended up in the water.
Three people were able to make it to land safely, police said.
One man was rescued by the marine unit and transported to the University of Chicago Medical Center , where he was listed in serious condition, police said.
A woman remains missing and rescue crews have paused a search until daylight.