Police said the crash happened in the Streeterville neighborhood's 800-block of North DuSable Lake Shore Drive just before 1 a.m. Video captured ambulances at the scene as crews responded.
A black two-door vehicle lost control and drove into the lake.
Police said three men inside the car managed to escape and swim to shore.
A 26-year-old suffered a dislocated shoulder and was transported to Northwestern Memorial Hospital in fair condition.
Two 19-year-olds suffered minor injuries. They were taken to the same hospital in fair condition.
Authorities did not immediately provide further information.