The search was suspended Friday night because of dangerous water conditions.
The Indiana Department of Natural Resources posted an update about the water search to their Facebook page Saturday.
Authorities said there were 12 people on the boat around 2:30 p.m. Friday. A men went missing after he off a boat to go swimming near Hammond, Indiana, officials told ABC7.
When the swimmer began to struggle in the water, two others jumped in to help.
"Because of the wind and the waves all three individuals and the boat got separated so they began to drift in the water," said Indiana Conservation Officer Alex Neel.
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Police said the third person who jumped in was the only one wearing a life jacket. He was later rescued by the coast guard and will be okay.
ABC7 was told one missing man is from Elk Grove Village and the other is from Mount Prospect.
Police said no foul play is suspected and they do not believe alcohol was a factor; it was simply because of the dangerous water conditions. They ask everyone to pay attention to forecasts before heading out into Lake Michigan.